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FIFA Scraps World Cup Equity Sale Amidst Global Backlash
1 Aug
Summary
- FIFA president abandoned selling World Cup equity due to opposition.
- The plan involved a $20 billion spinoff company with a lead investor.
- Infantino confirmed the proposal's cancellation due to divisions.
FIFA president Gianni Infantino has withdrawn his initiative to sell equity stakes in the World Cup. This decision comes after significant international opposition, including dissent from within FIFA's governing body and potential action from European federations. Infantino had proposed establishing a $20 billion spinoff company to manage FIFA's commercial operations for its major tournaments.
The plan had identified a New York investment firm, founded by Joshua Kushner, as a potential lead investor. However, Infantino confirmed on Friday that the "proposal will not proceed" after careful consideration of the feedback received. He acknowledged that the project had generated divisions detrimental to its initial objectives.
