FIFA has announced it will scrap plans to sell a stake in the World Cup to private investors following a massive backlash from member associations.
The proposal, which aimed to raise $4.2 billion (£3.1m) through private investors, was met with opposition from several key members, including UEFA, CONCACAF, and the Asian Football Confederation.
UEFA had threatened a World Cup boycott, accusing FIFA of selling the sport's 'soul'. The Asian Football Confederation also issued a statement in solidarity with UEFA and CONCACAF, expressing concerns about the impact of private investors on the sport.
In a statement, FIFA President Gianni Infantino said the project had created divisions that were no longer in the interest of the sport. He announced that the plan would not proceed and vowed to bring all interested parties back together to continue growing the sport.
Infantino's proposal had sparked controversy, with many concerned that private investors would exert undue influence over the sport. The plan was to set up a new company, FIFA Forward Enterprise, to oversee commercial operations for future World Cup tournaments.
FIFA would retain a majority share in the company, but private investors would still have a say in decisions related to the tournament, which could impact players and supporters.
The proposal had been met with opposition from several senior advisors, including Carlos Cordeiro, who quit in protest over the World Cup sell-off plans.
Cordeiro described the proposal as a 'bad deal' for FIFA's member associations, football, and the long-term future of the game. He urged FIFA to reject the proposal, citing concerns about the value of the sport and the consequences of giving part of it away.
FIFA's decision to scrap the plan has been welcomed by many, with Infantino promising to bring all stakeholders back together in the coming days and weeks to continue growing the sport.
