Key facts
- FIFA has decided to abandon its plan to allow private investors to purchase stakes in its competitions.
- The proposal, known as FIFA Forward Enterprise (FFE), aimed to raise up to $4.2 billion.
- UEFA and its 55 member associations threatened a boycott of FIFA events.
- CONCACAF also rejected the plan, demanding greater transparency and governance.
- FIFA President Gianni Infantino stated the project created divisions no longer in the interest of its objectives.
FIFA has announced it will not proceed with a controversial plan to allow private investors to purchase stakes in its major competitions, including the World Cup. The decision comes after significant backlash from across the footballing world.
FIFA President Gianni Infantino stated in a release that the project had "created divisions" that were "no longer in the interest of the objective set out in the first place." He added, "Our purpose has always been - and will always be - to unite and improve. As a result, this proposal will not proceed."
The proposal, outlined in late July, involved creating a new subsidiary called FIFA Forward Enterprise (FFE) to manage its commercial operations and events. The aim was to attract third-party minority, non-controlling investments to raise up to $4.2 billion, based on an initial equity valuation of $20 billion.
The plan faced widespread condemnation, with many accusing FIFA of attempting to sell the sport. UEFA, the European governing body, and its 55 member associations had threatened to boycott FIFA events, stating that "the World Cup cannot be treated as an investment product." CONCACAF also rejected the plan, calling for "greater transparency and proper governance."
The controversy has placed significant pressure on Infantino, who was first elected FIFA president in 2016. Carlos Cordeiro, one of Infantino's senior advisors, resigned due to the plan, and FIFA's chief operating officer, Kevin Lamour, also criticized it.