FIFA’s Infantino scraps controversial World Cup private investment plan
Summary
FIFA has canceled its plan to sell part of its business to outside investors after strong opposition from some football groups, including UEFA. The proposal, which aimed to raise money by selling a 20% share of a new unit managing FIFA events like the World Cup, caused disagreements and some resignations.Key Facts
- FIFA wanted to sell about 20% of a new business unit to outside investors.
- The unit would manage events such as the World Cup.
- The project was valued at $20 billion and aimed to raise up to $4.2 billion.
- UEFA, Europe's football governing body, strongly opposed the plan and voted to boycott FIFA if it went ahead.
- FIFA President Gianni Infantino said the plan caused divisions and decided not to continue with it.
- Infantino’s senior adviser, Carlos Cordeiro, resigned, calling the plan bad for football.
- FIFA’s Chief Operating Officer said staff were misled and called the plan Infantino’s personal project.
- British Prime Minister Andy Burnham said Infantino is the wrong person to lead FIFA.
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