FIFA scraps its World Cup investment plan after backlash
Summary
FIFA has stopped a plan to allow private investors to buy a part of the World Cup after many member countries strongly disagreed. The proposal would have created a company valued at $20 billion, with 20% sold to private investors, but groups like UEFA and CONCACAF opposed it, saying the World Cup should not be treated as a business product.Key Facts
- FIFA planned to create FIFA Forward Enterprise (FFE), a company owning part of World Cup commercial rights.
- FIFA would keep 80% ownership, with 20% sold to private investors, initially valued at $20 billion.
- Thrive Eternal, led by Joshua Kushner, was expected to lead the investor group.
- The plan aimed to increase funding to FIFA member associations from $8 million to $20 million per cycle.
- UEFA threatened to boycott the World Cup if the plan went ahead, calling it irresponsible.
- CONCACAF also rejected the plan but did not threaten a boycott.
- The Asian Football Confederation expressed concerns but did not fully reject the plan.
- FIFA President Gianni Infantino canceled the proposal due to divisions it caused.
- Carlos Cordeiro, a senior FIFA adviser, resigned over the plan.
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