FIFA president nixes idea to sell stakes in World Cup to private equity investors
NBC News • • sports
Key Points:
- FIFA President Gianni Infantino announced the cancellation of a controversial plan to sell stakes in the World Cup to private equity investors, following widespread opposition from regional soccer bodies.
- The plan, known as FIFA Forward Enterprise, aimed to consolidate FIFA’s commercial and event operations into a $20 billion subsidiary but faced backlash from Asia, Europe, and North America’s soccer organizations.
- Europe’s soccer body threatened to boycott FIFA competitions in response, while North America’s CONCACAF also rejected the proposal.
- The controversy led to the resignation of Carlos Cordeiro, Infantino’s senior adviser and former Goldman Sachs banker, who opposed selling a stake in the World Cup.
- Infantino emphasized the goal of uniting and improving world soccer and expressed his intent to collaborate with all stakeholders to grow the sport globally, especially in developing countries.
