FIFA has pulled back from its controversial proposal to sell private investment stakes tied to future World Cup tournaments after significant backlash from continental football associations, national federations, and fans.
FIFA President Gianni Infantino stated in a press release on Friday that the organization decided against proceeding with the idea after consultation showed the proposal had caused significant splits in the world of football, and that unity was the priority.
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The plan would have seen the establishment of a new commercial entity to oversee the organization’s commercial assets, with a minority equity share to be sold to private investors in a deal expected to raise billions for football development, FIFA maintaining control over the running of football.
The proposal was swiftly opposed by football confederations-UEFA, CONCACAF, and the AFC- as it was warned that bringing private equity into the commercial rights for the World Cup would undermine the governance, independence and integrity of the sport. National associations called for further consultation.
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In his statement, Infantino admitted the breadth of support against the move, and said the deal would not be pursued as it could no longer achieve its intended purpose of strengthening football globally.
He pledged that work would continue with member associations and confederations to ” explore other avenues to channel new investments to develop the global game while strengthening the bond and unity”.
The decision represents a major U-turn for the President and comes after days of strong criticism from football executives, players and supporters.
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While the retreat is welcomed, calls are being made for further reform within world football to increase the level of transparency and the decision-making process.
