FIFA’s proposal to sell a stake in the World Cup business sparked widespread debate across global football, triggering strong opposition from several governing bodies.
UEFA led the resistance, even warning that its members would boycott future World Cups if the plan moved forward.
Other continental confederations also voiced their objections, and the growing backlash now appears to have forced a dramatic change in course.
Backlash sinks FIFA proposal
According to the New York Post, FIFA’s proposal to bring outside investors into its commercial operations has now collapsed after facing fierce resistance from football authorities around the world and internal disagreements among the organization’s senior leadership.
The report, published Friday and citing four sources familiar with the matter, said FIFA’s effort to raise as much as $4.2 billion by selling roughly a 20% stake in a newly created commercial entity — valuing it at about $20 billion — is no longer moving forward.
Proposal triggered mass backlash
The proposal, first revealed earlier this week, drew immediate criticism, with UEFA accusing FIFA of putting the sport’s “soul” up for sale.
UEFA’s 55 member associations unanimously voted to boycott FIFA competitions, a decision that came less than two weeks after Spain lifted the men’s World Cup trophy.
The internal fallout also intensified. Carlos Cordeiro, a senior adviser to FIFA president Gianni Infantino, resigned on Friday in protest over the proposal.
FIFA Chief Operating Officer Kevin Lamour also criticized the process, saying staff had been “deceived” by Infantino and describing the proposal as a “project of one person”.
Inside FIFA’s $20 billion plan
FIFA had planned to establish a $20 billion subsidiary called FIFA Forward Enterprise (FFE) to oversee the World Cup and its other competitions.
However, the organization maintained that “nobody is selling football” and insisted the proposal had been misrepresented in media coverage.
According to FIFA, Thrive Eternal, an investment fund managed by Thrive Capital founder Joshua Kushner, was expected to spearhead the investor group. Joshua Kushner is the brother of Jared Kushner, the son-in-law of U.S. President Donald Trump.
In a letter sent to all member associations, Infantino said each federation would receive $40 million if they approved the proposal by September 19.
FIFA also stressed that it would “not go ahead with the plan without the support of the majority of its member associations.”
With inputs from Reuters.
