▲ FIFA President Gianni Infantino
International Football Association (FIFA)'s plan to establish a new subsidiary to run the World Cup and sell a portion of its equity to private investors has ultimately collapsed in the face of fierce backlash from the football community.
According to Reuters, FIFA President Gianni Infantino released a statement saying, "After carefully listening to all opinions, it has become clear that this project, regardless of the pros and cons, has caused divisions that do not align with the initially established goals," adding, "We will no longer pursue this sale plan."
Recently, Infantino had revealed a vision to set up a new for-profit corporate entity called "FIFA Forward Enterprise" (FFE) dedicated to driving commercial performance and managing tournament operations, aiming to raise up to $4.2 billion (approx. 6 trillion won) this year through the sale of stakes.
The transaction was set to be led by venture capital firm "Thrive Capital," headed by Joshua Kushner, the brother of U.S. President Donald Trump's son-in-law, with JPMorgan acting as an adviser.
However, as soon as the proposal became known, a wave of all-around opposition poured in from the football world.
The Confederation of North, Central America and Caribbean Association Football (CONCACAF) and the Asian Football Confederation (AFC) issued statements expressing strong opposition, while the Union of European Football Associations (UEFA) threatened the extreme measure of a "World Cup boycott."
If major European nations such as England, Spain, France, and Germany refuse to participate, the value of the World Cup would be severely undermined, making it impossible to expect massive broadcasting rights and sponsorship revenues.
Key investors also turned their backs.
The New York Post, an American daily that broke the news of the deal's collapse before Infantino's official statement, cited sources explaining that "Thrive Capital and JPMorgan decided to walk away from the deal after concluding that the situation was becoming a 'brand nightmare.'"
Criticism from Infantino's close aides and within FIFA also grew louder, with FIFA Chief Operating Officer (COO) Kevin Lamour telling the Associated Press, "Employees were also deceived," strongly criticizing that "this controversial project is not FIFA's, but President Infantino's personal project."
Carlos Cordeiro, senior adviser to Infantino, also resigned, stating, "I cannot stand by and watch the sale of World Cup stakes."
Due to this incident, President Infantino's standing has been severely shaken ahead of the FIFA presidential election scheduled for March next year.
The New York Post added, "With UEFA searching for a challenger, Paris Saint-Germain (PSG) President Nasser Al-Khelaifi is receiving strong support," and "currently at least 20 countries are discussing withdrawing their support for President Infantino."
(Photo: AP, Yonhap News)
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