FIFA’s Infantino scraps plan to sell part of World Cup | Football | Sport
FIFA President Gianni Infantino (Image: Getty)
FIFA’s proposal to sell part of its empire will not proceed following major pushback from officials and executives.
It was reported that FIFA planned to raise up to $4.2 billion (£3.1 billion) by selling around a 20% stake in the group. The new arm would have been valued at $20 billion (£14.8 billion), but FIFA President Gianni Infantino has confirmed the FIFA Forward Enterprise project plan will not go ahead.
Infantino said in a statement posted by FIFA to X: “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.
“Moving forward, my intent is to bring all interested parties back together in the coming days and weeks in the spirit of shared interest in our game, and with the objective to continue growing football everywhere, particularly in those countries that mostly need our support.”
FIFA headquarters in Zurich (Image: Getty)
According to reports, the deal involved Thrive Capital, a firm run by capitalist Joshua Kushner, the brother of Jared Kushner – US President Donald Trump‘s son-in-law.
A source told the New York Post: “They are not the feeling this. There is no way they want to continue to be involved in this mess.
“Kushner will figure out another way to get involved in this space. This is becoming a brand nightmare.”
FIFA is a non-profit under Swiss law, but the failed proposal called for the organisation to transfer its cash-making assets into a new entity called FIFA Forward Enterprise.
Cash-making assets includes TV rights, sponsor deals, licensing and ticketing.
Infantino gave FIFA’s 211 member nations until September 19 to back the deal, dangling pay-outs of up to $40 million each, according to reports.
The situation was dubbed ‘a bribe with a deadline’ by critics and has placed pressure on Infantino’s grip on the presidency ahead of the election in March.
FIFA President Gianni Infantino and US President Donald Trump (Image: Getty)
Football chiefs in Europe threatened to boycott the World Cup and other events, while members of FIFA’s North American bloc rejected the plan the Asian Football Confederation joined the opposition.
Infantino’s inner circle also pushed back on the proposal.
FIFA Chief Operating Officer Kevin Lamour told The Associated Press on Friday that senior staff felt “deceived” by Infantino’s lack of transparency.
“The project that has sparked so much controversy and debate is not a FIFA project,” Lamour said.
“It is the project of one person.”
He said the situation showed “a lack of trust, a lack of transparency, a lack of discernment, a lack of good governance” as well as “a serious lack of respect.”
Also on Friday, Infantino’s senior adviser and a former Goldman Sachs partner, Carlos Cordeiro, resigned over the proposal.
“I cannot stand by while FIFA considers selling a stake in the World Cup,” Cordeiro said in a statement.
