Gianni Infantino has abandoned a plan to sell stakes in the World Cup to private investors, admitting the project had created damaging divisions. In a statement, the Fifa president confirmed the proposal would not proceed.
The proposed Fifa Forward Enterprise (FFE), presented earlier this week, was intended to raise hundreds of millions of dollars by selling a significant stake in the commercial rights of the men’s and women’s World Cups and the Club World Cup. It promised to distribute over $10bn (£7.5bn) among Fifa’s 211 member associations, with an optional $20m (£14.8m) payment for those taking part. A deadline of 19 September had been set for member associations to sign up to the scheme.
Backlash
The initiative triggered fierce opposition across football. Uefa threatened to boycott future Fifa tournaments unless it was shelved, and other confederations also voiced disapproval. Carlos Cordeiro, a senior advisor to Infantino, resigned on Friday in protest, and Fifa’s chief operating officer, Kevin Lamour, accused Infantino of a “serious lack of respect” over the lack of consultation. The week also saw speculation that Thrive Capital, the venture capital firm leading the investor group, had expressed doubts.
“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,” Infantino said in a statement. “Our purpose has always been – and will always be – to unite and improve. As a result, this proposal will not proceed.”
What next?
The plan was roundly rejected by European FAs, who agreed upon a boycott at an emergency meeting on Thursday. Concacaf and the Asian Football Confederation also made their opposition clear. Infantino retains strong support in Africa, but not enough to push the plan through in any credible form.
Attention now turns to Infantino’s future. The internal revolt within Fifa has severely damaged his standing. His withdrawal is unlikely to convince member associations already disenchanted by his handling of the Folarin Balogun affair during the World Cup three weeks earlier. Some observers have wondered whether using Fifa’s reserves, which stand at around $4bn (£2.97bn), for the promised FFE cash would have convinced enough federations to save his skin.
Uefa and other confederations have intensified their search for a candidate to challenge Infantino in next year’s Fifa election, where he had been expected to win a fourth term comfortably. Their appetite for change is unlikely to diminish, and it remains to be seen whether Infantino can recover from an episode that has shattered his credibility.
