Infantino abandons plans to sell World Cup profits to private equity following massive pushback
Summary
FIFA President Gianni Infantino has dropped his plan to sell World Cup profits to private investors after facing strong opposition from soccer organizations around the world. The plan proposed creating a company worth $20 billion to manage the World Cup with private funding, but many groups said the World Cup should remain controlled by football bodies.Key Facts
- Gianni Infantino is the President of FIFA, the global soccer organization.
- He planned to create a $20 billion company to handle World Cup profits with private investors.
- The plan included investors like the Kushner family.
- Key soccer organizations in Europe (UEFA), North America (CONCACAF), and Asia (AFC) opposed the plan.
- UEFA called the World Cup too important to be sold to private interests.
- Carlos Cordeiro, Infantino’s senior adviser and former banker, resigned in protest.
- FIFA stated the World Cup is not for sale after the backlash.
- The opposition led Infantino to cancel the proposal to avoid division in world soccer.
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