FIFA President Gianni Infantino has abandoned plans to allow private investment in the FIFA World Cup following widespread opposition from football governing bodies, governments and stakeholders across the globe.
The proposal, which sought to raise about 4.2 billion dollars through the sale of minority, non-controlling interests in FIFA Forward Enterprise (FFE), drew strong criticism after details emerged earlier this week.
According to FIFA, the governing body would have retained a majority stake in the enterprise while bringing in carefully selected long-term investors.
However, the proposal was met with resistance from several football confederations and political leaders, who argued that the World Cup should not be commercialised through private ownership.
The Union of European Football Associations (UEFA) rejected the plan, declaring that “none of us are the owners of football” and insisting that the World Cup was “not FIFA’s to sell.”
British Prime Minister Andy Burnham also criticised the proposal, saying the World Cup remained the world’s greatest sporting competition and should never be treated as a commercial product.
The Confederation of North, Central America and Caribbean Association Football (CONCACAF) expressed disappointment that member associations were not consulted before details of the proposal became public.
Similarly, the Asian Football Confederation (AFC) criticised FIFA for failing to brief its members on the initiative before its public announcement.
Media reports also claimed that Infantino wrote to FIFA’s member associations, promising each federation 40 million dollars if they endorsed the proposal before a Sept. 19 deadline.
Infantino, however, defended the initiative, arguing that private investment would generate significant financial benefits for football development worldwide and improve the sport across FIFA’s member nations.
Despite the defence, FIFA has now withdrawn the proposal following sustained opposition from key stakeholders within the global football community.
