Key facts
- FIFA reportedly scrapped a plan to sell a 20% stake in its commercial arm.
- The deal was valued at $20 billion.
- The stake sale was intended to raise up to $4.2 billion.
- The plan faced opposition from soccer officials globally, including UEFA.
- Threats of boycotts were made in response to the plan.
- FIFA adviser Carlos Cordeiro resigned in protest.
- Cordeiro called the proposed venture a "bad deal for football."
- U.S. President Donald Trump stated he has not discussed the plan with FIFA President Gianni Infantino.
- FIFA planned to create a subsidiary valued at $20 billion.
- FIFA planned to offer up to 20% of the subsidiary to external investors.
FIFA has reportedly abandoned a plan to sell a 20% stake in its commercial arm, a deal valued at $20 billion, for up to $4.2 billion. The proposal faced widespread opposition from soccer officials globally, including UEFA, which led to threats of boycotts. FIFA adviser Carlos Cordeiro resigned from his position in protest against the plan. Cordeiro described the proposed $20 billion venture as a "bad deal for football." U.S. President Donald Trump has stated that he has not discussed FIFA's plan to sell stakes in its commercial rights with FIFA President Gianni Infantino. FIFA's plan involved creating a subsidiary valued at $20 billion and offering up to 20% to external investors. The news about FIFA's potential sell-off plan comes amidst other reports, including Elon Musk and Tesla China denying a report about separating Tesla's China business for a potential merger with SpaceX.