Key facts
- FIFA has scrapped its plan to sell a 20% stake in its commercial arm, valued at $20 billion.
- The deal aimed to raise up to $4.2 billion.
- Widespread opposition from soccer officials, including UEFA, led to threats of boycotts.
- A senior adviser to FIFA President Gianni Infantino resigned in protest.
- FIFA stated it would not proceed without majority support from its 211 member associations.
FIFA's plan to sell a 20% stake in its commercial arm, valued at $20 billion, has collapsed amid a global revolt from soccer officials and executives. The proposal, which aimed to raise up to $4.2 billion, faced intense criticism for potentially mortgaging football's future for private investors.
Opposition was spearheaded by UEFA, the European soccer governing body, whose 55 member nations unanimously voted to boycott all FIFA tournaments, accusing FIFA of selling the sport's 'soul.' Senior adviser to FIFA President Gianni Infantino, Carlos Cordeiro, resigned in protest, labeling the deal 'a bad deal for football.'
Despite initial statements suggesting consultations, FIFA confirmed it would not move forward without the support of the majority of its 211 member associations. Other regional bodies, including CONMEBOL and the Asian Football Confederation, expressed concerns, while CONCACAF rejected the proposal. Football Supporters Europe emphasized that football is not for sale.
Thrive Capital, founded by Joshua Kushner, was expected to lead the investor group.