FIFA Drops Plan to Sell World Cup Stake

Gianni Infantino, president of the International Federation of Association Football (FIFA), has abandoned his controversial plan to sell stakes in the World Cup to private investors, announcing that the FIFA Forward Enterprise project will not move forward.

The decision came after a wave of criticism within the soccer community, threats of a boycott of the World Cup by European countries and opposition from several high-ranking FIFA officials. In a statement attributed to Infantino, the federation said the project's goal had been to strengthen member associations, particularly in countries that need greater support. However, the federation said consultations had revealed that the proposal created divisions no longer in line with its original intent.

Infantino also said that in the coming days and weeks, he intends to bring all stakeholders back together to discuss opportunities for the further development of soccer worldwide.

The plan presented earlier this week called for the creation of a new commercial entity to manage broadcasting rights, sponsorship, ticket sales and licensing, with private investors set to join the venture. FIFA claimed that the funds raised would benefit member associations and that investors would not interfere with the organization of the tournament.

However, the proposal was rejected by both UEFA member countries and the CONCACAF confederation. In protest, Infantino's longtime advisor, Carlos Cordeiro, also resigned, calling the project bad for member associations, soccer and the sport's future. FIFA's chief operating officer, Kevin Lamour, also spoke out critically, calling it "the project of one person".

(Reuters, bak)