FIFA cancels private investment plan after criticism from UEFA and others
Kyiv • UNN
FIFA has withdrawn its proposal to attract private investment in its tournaments after sharp criticism from UEFA and other football organizations. President Gianni Infantino stated that the project will not be implemented.
The International Federation of Association Football (FIFA) announced on Friday that it is scrapping a plan to allow private investment in its flagship events after sharp criticism from football officials around the world, UNN reports, citing AFP.
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"Our goal has always been and will always be to unite and improve," said FIFA President Gianni Infantino in a statement.
"As a result, this proposal will not be implemented," Infantino indicated.
FIFA presented the plan on Tuesday, stating it could raise up to $4.2 billion, based on a $20 billion valuation, for the new FIFA Forward Enterprise (FFE), a commercial subsidiary that was expected to handle the organization of events such as the World Cup and the Club World Cup.
If approved, the project was to provide each of FIFA's 211 member associations with a one-time payment of $20 million at the beginning of 2027 and increase their funding for the 2027-2030 cycle from $8 million to $20 million.
However, the idea of giving private investors even a small stake was quickly condemned.
European football's governing body UEFA stated that none of its national teams would participate in any FIFA competition "as long as these proposals remain in effect."
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The Asian Football Confederation (AFC) and the Confederation of North, Central America and Caribbean Association Football (CONCACAF) also condemned the move.
The most painful blow for Infantino came from the resignation of senior advisor Carlos Cordeiro, who called the idea "a bad deal for FIFA's member associations, a bad deal for football, and a bad deal for the long-term future of the game."
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In a statement made on Friday evening, Infantino said the project was conceived as a means to strengthen member associations and that it would only have been implemented if supported by the majority.
"Having carefully listened to all opinions, it became clear that the project created divisions of such a nature that, regardless of the level of support, it no longer served the originally intended purpose," he said.