FIFA Abandons Plan to Sell World Cup Subsidiary Stake Amid Global Backlash

FIFA's plan to establish a new subsidiary to run the World Cup and sell a stake in it to the private sector has ultimately collapsed in the face of fierce backlash from the football community.

FIFA President Gianni Infantino said in a statement on that day, "Following careful 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 its original goals."

He added, "Our goal has always been, and will continue to be, the unity and development of the football community," and stated, "Therefore, we will no longer pursue this sale plan."

Recently, Infantino had revealed a plan to establish a new commercial entity, "FIFA Forward Enterprise" (FFE), dedicated to driving commercial performance and handling tournament operations, and to raise up to 4.2 billion dollars, approximately 6 trillion won in Korean currency, through the sale of a stake this year.

The transaction was set to be led by "Thrive Capital," a venture capital firm headed by Joshua Kushner—the brother of Jared Kushner, who is the son-in-law of U.S. President Donald Trump—with JPMorgan serving 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 voicing strong opposition, while the Union of European Football Associations (UEFA) threatened a "World Cup boycott" as an extreme measure.

If major European countries 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 U.S. daily New York Post, which had reported the cancellation of the sale prior to Infantino's official statement, cited sources explaining that "Thrive Capital and JPMorgan decided to walk away from the deal, concluding that the situation was becoming a 'brand nightmare.'"

Criticism from Infantino's close aides and within FIFA is also mounting.

Kevin Lamour, FIFA's Chief Operating Officer (COO), strongly criticized through the Associated Press, saying, "Staff members were also misled," and "This controversial project is not FIFA's, but rather President Infantino's personal project."

Carlos Cordeiro, a senior adviser to President Infantino, also resigned, stating, "I cannot stand by and watch the sale of World Cup stakes."

Due to this crisis, President Infantino's standing has been severely shaken ahead of the FIFA presidential election scheduled for March of 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."
※ Please note: This article was translated by AI and may contain errors.