FIFA President Gianni Infantino came under mounting pressure on Friday as global opposition to his controversial private investment plans grew, and one of his senior advisors resigned in protest.
The football world was rocked earlier this week when it was reported that FIFA, the sport's global governing body, was planning to sell a stake in a new commercial subsidiary to private equity investors close to US President Donald Trump, prompting widespread outrage.
UEFA, European football's governing body, quickly condemned the plans, with its 55 member associations voting unanimously to boycott future FIFA competitions, including the next men's World Cup in 2030, if the plans were implemented.
The Europeans soon received backing from CONCACAF, representing 41 North American and Caribbean federations, and the Asian Football Confederation (AFC) with its 47 members, technically robbing Infantino of majority support among FIFA's 211 member associations.
On Friday, the pressure on FIFA grew when Carlos Cordeiro, former head of the US Soccer Federation and senior advisor to Infantino and Trump during this year's World Cup, resigned in protest, describing the plans as a "bad deal for football."
In a statement, Cordeiro, a 69-year-old former Goldman Sachs partner, questioned why FIFA needed private equity investment given its unprecedented World Cup profits, and criticized the lack of transparency, oversight, and due process surrounding the plans.
"FIFA already has access to extraordinary financial resources," he said. "The organization sits on billions of dollars in reserves and no debt. The FIFA president himself has highlighted the $15 billion in revenue generated between 2022 and 2026."
Despite opposition from UEFA, CONCACAF, AFC, and individual associations, FIFA doubled down on its plans to establish "FIFA Forward Enterprise" (FFE), a subsidiary valued at around $20 billion, which would sell a minority stake worth $4.2 billion to private investors.
The proposed investor consortium is expected to be led by "Thrive Eternal," a fund run by "Thrive Capital," founded by Joshua Kushner, the brother of Trump's son-in-law, Jared Kushner. FIFA dismissed "incorrect media reports" without clarification and insisted on proceeding with its "consultation process."
UEFA stated that "no UEFA national teams will participate in any FIFA competition for so long as these proposals remain alive," while British Prime Minister Andy Burnham called the plan "outrageous" and suggested Infantino is "the wrong man to lead the organization."
CONCACAF unanimously rejected the plan, and the AFC warned that the proposal would never succeed without the support of all six regional blocs. The African body CAF said it would convene an executive committee meeting next week to examine the proposal.
Germany's football federation president Bernd Neuendorf called the plan "extremely problematic and unacceptable," noting that if UEFA rejects it, investors are unlikely to proceed. This echoes the 2024 Bundesliga fan protests that forced the abandonment of a similar private equity deal for TV rights.
Source: www.dw.com