Key facts
- FIFA has abandoned its plan to sell a stake in the World Cup to private investors.
- The decision followed widespread opposition from UEFA, CONCACAF, and the Asian Football Confederation.
- FIFA adviser Carlos Cordeiro resigned, calling the deal a 'bad deal for football.'
- FIFA President Gianni Infantino stated that divisions created by the project led to its withdrawal.
FIFA President Gianni Infantino has abandoned his plan to sell a stake in World Cup profits to private equity investors after facing significant opposition from soccer organizations globally. The decision came after FIFA adviser Carlos Cordeiro resigned, calling the deal a 'bad deal for football.'
Infantino stated that the project had created divisions that were no longer in the best interest of its objectives. UEFA, the Asian Football Confederation, and CONCACAF had all voiced opposition to the proposal, with UEFA threatening a boycott of FIFA competitions.
The plan involved creating a $20 billion company to run FIFA's commercial businesses, including the World Cup and Club World Cups, with 20% ownership by private investors, reportedly including a firm founded by Joshua Kushner. FIFA chief operating officer Kevin Lamour also issued a statement suggesting staff were not fully informed and that the project should not proceed.