Top FIFA officials distance themselves from Infantino's World Cup sell-off plan
Summary
Two top FIFA leaders, Arsène Wenger and Mattias Grafström, said they did not support FIFA President Gianni Infantino’s plan to sell part of the World Cup profits to private investors. The plan, which aimed to raise $4.2 billion by selling shares in a new company, was dropped after strong opposition from global soccer officials.Key Facts
- FIFA President Gianni Infantino proposed selling stakes in future World Cup profits to private investors through a new company called FIFA Forward Enterprise (FFE).
- The plan valued FFE at $20 billion and aimed to raise $4.2 billion by selling about 20% of the company.
- Arsène Wenger, FIFA’s Chief of Global Football Development, said he did not know about the plan until he saw media reports and agreed it was right to cancel it.
- Mattias Grafström, FIFA’s Secretary General, described the recent events as “sad” and reassured staff they would be protected from political problems.
- Kevin Lamour, FIFA’s Chief Operating Officer, said FIFA staff felt “deceived” by the plan and called it a “project of one person.”
- The “anchor investor” in the plan was Thrive Eternal, a company started by Joshua Kushner, whose brother Jared Kushner is related to U.S. President Donald Trump.
- The proposal caused strong backlash, including threats of boycotts from the European soccer body UEFA.
- FIFA’s 211 member federations, which own FIFA as a nonprofit, were offered $20 million each to join but had to decide by September 19.
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