FIFA president abandons plan to sell-off World Cup profits to investors

The International Federation of Association Football (FIFA) president Gianni Infantino, proposed a plan to sell a stake of World Cup profits to private equity investors. Last week Tuesday, FIFA announced the launch of FIFA Forward Enterprise (FFE) which would be funded through the sale of its commercial rights eg.broadcasting, sponsorship, ticketing and licensing. Infantino gave football associations a September 19 deadline to back his proposal with €30.1m included as an incentive.

Fierce backlash from football’s governing bodies such as UEFA, CONCACAF(North American, Central American and Caribbean Association) and AFC(Asian Football Confederation) pushed back the proposal with Prime Minister Andy Burnham condemning the proposal while questioning FIFA's governance.

Despite turning back on his proposal on Saturday Morning where Infantino stated “it has become clear that the project has created divisions of a nature that are no longer in the interest of the objectives set out in the first place” his leadership and authority is still up for debate. Various football associations are calling for his resignation while UEFA calls for legal action. “The current FIFA leadership has not only lost UEFA's confidence but also that of many other members of the football industry “ as mentioned in their statement.

Photo: FIFA president Gianni Infantino

The association vows to ensure that such moves will not be fast-tracked without consultation in the future and issued thanks to all fans, leagues, clubs, players, associations and individuals that helped oppose the “scheme” to demonstrate to the FIFA president that football is not for sale.

Infantino defended his proposal by stating that he was simply following FIFA's objectives to unite and improve the sport worldwide. The proposed plan was to raise over $10 billion in football development funding for the next four years. The Football Association of Wales dismissed his claims and revoked their support for his re-election. “Failing to put the best interests of football first is a failure we cannot accept” they stated and also vowed to hold those responsible for the sell-off plan.

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