World football's governing body, FIFA, has announced it will not proceed with its proposal to sell a stake in its commercial operations to outside investors, following fierce resistance from some of its member associations. The plan, which was first unveiled on Tuesday, aimed to raise up to $4.2 billion by selling approximately a 20% stake in a new unit that would manage FIFA events, including the World Cup, valuing the organization at $20 billion.
The proposal was strongly opposed by UEFA, European football's governing body, which voted on Thursday to boycott FIFA. In a statement, UEFA said it was "irresponsible and indefensible that a proposal of such significance for football was conceived in secret." The Switzerland-based organization also accused FIFA of putting the sport's "soul" up for sale.
In a statement late Friday evening, FIFA President Gianni Infantino said: "Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place. Our purpose has always been – and will always be – to unite and improve. As a result, this proposal will not proceed."
Earlier on Friday, Infantino's senior adviser Carlos Cordeiro resigned with immediate effect, calling the plan "a bad deal for football." FIFA's Chief Operating Officer Kevin Lamour said staff were "deceived" by Infantino, describing the proposal as a "project of one person." British Prime Minister Andy Burnham also told reporters on Friday that Infantino was "the wrong man to lead the organization."
The backlash has raised doubts about Infantino's position. The 56-year-old, who was born in Switzerland to Italian parents, was already under pressure due to his perceived relationship with US President Donald Trump during the 2026 World Cup. Trump revealed that he called Infantino about a red card shown to USA star Folarin Balogun, which was subsequently rescinded, allowing the forward to play in the next match.
The proposed private investment scheme was expected to be led by Joshua Kushner, founder of Thrive Capital, through a fund called Thrive Eternal. Joshua is the brother of Jared Kushner, President Trump's son-in-law. Trump said on Friday at Camp David that he did not speak with Infantino about FIFA offering stakes to external investors.
Infantino is due to stand for re-election for a final term through to 2031, and was expected to be unopposed following the success of the recent World Cup, co-hosted by the US, Canada, and Mexico. However, the fallout from the proposal has led to questions, albeit not fully overt, about Infantino's role.
The Asian Football Confederation (AFC), a key ally of Infantino during his 11-year presidency, issued a statement opposing the private investment plans and recommending that FIFA urgently review its management style. "The plans exposed fundamental weaknesses in FIFA's consultation and decision-making processes that must now be addressed," the AFC said. "Accordingly, the AFC calls upon FIFA to undertake an urgent review of its governance and decision-making framework."
Sheikh Salman bin Ebrahim Al Khalifa, the AFC's longtime president, narrowly lost the FIFA presidential election to Infantino in 2016. The Bahraini said in his own statement on Thursday that FIFA's plans were "totally unacceptable," adding that "FIFA's unilateral actions appear to undermine the very foundations of continental football, which are based on solidarity, cooperation and transparency."
North American football chief Victor Montagliani has been linked with a potential challenge to Infantino for the FIFA presidency in next March's election. Infantino said in April he would seek a fourth term as FIFA president, with the election scheduled to take place in Morocco on March 18 next year. The deadline for potential candidates to declare in a presidential vote of the 211 members is November 18.
Source: www.aljazeera.com