FIFA scraps World Cup investment plan after UEFA backlash forces Gianni Infantino to back down
FIFA's governing body has dramatically backed down on its multi-billion-dollar World Cup investment plan after fierce opposition from UEFA.
FIFA has abandoned controversial plans to sell a stake in the FIFA World Cup to private investors after mounting opposition from football’s biggest governing bodies sparked fears the move would fundamentally change the sport.
The proposal would have seen FIFA raise about $US4.2 billion ($A5.9 billion) by selling a 20 per cent stake in a newly created commercial entity, valuing the World Cup at approximately $US20 billion.
FIFA president Gianni Infantino confirmed the proposal had been scrapped, saying: “Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place.”
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By continuing you agree to our Terms and Privacy Policy.UEFA spearheaded the backlash, accusing FIFA of putting football’s “soul” up for sale. The opposition intensified on Thursday when all 55 UEFA member nations voted unanimously to boycott FIFA competitions, less than two weeks after Spain lifted the World Cup trophy.
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