European teams boycott FIFA over plan to sell World Cup stake to investors
Summary
European soccer teams, led by UEFA, are threatening to boycott FIFA competitions because FIFA plans to sell part ownership of the World Cup to private investors. The sale would give investors control over the commercial parts of the World Cup, like broadcast rights and ticket sales, but European teams strongly oppose this change.Key Facts
- FIFA wants to sell up to 20% ownership in a company managing the World Cup’s commercial rights to private investors.
- Thrive Capital, led by Joshua Kushner, is proposed to lead the investor group buying this stake.
- UEFA, the European soccer federation, says it will boycott FIFA competitions if the plan is not fully dropped.
- UEFA calls the plan “irresponsible and indefensible.”
- FIFA says the new $20 billion company would help fund soccer development worldwide.
- FIFA’s plan will be voted on by its 211 member countries in September.
- European and other national soccer associations say FIFA did not consult them before proposing the plan.
- U.K. Prime Minister Andy Burnham criticized the sale, saying soccer belongs to fans, not investors.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
