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American, Asian Confederations Left Blindsided by FIFA’s $20 Bln Investment Plan
🇸🇦 Saudi Arabia /Economy & Trade

American, Asian Confederations Left Blindsided by FIFA’s $20 Bln Investment Plan

From Asharq Al-Awsat · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • FIFA's plan to sell stakes in a $20 billion commercial subsidiary has blindsided regional confederations.
  • CONCACAF and AFC expressed disappointment and concern over the lack of due process and consultation.
  • They emphasized the need for good governance, transparency, and meaningful engagement with stakeholders.

FIFA's ambitious proposal to sell stakes in a new $20 billion commercial subsidiary has drawn sharp criticism from the Confederation of North, Central America, and Caribbean Football (CONCACAF) and the Asian Football Confederation (AFC).

CONCACAF was only made ‌aware of this ‌matter through media reports and, subsequently, via a media release. We are deeply concerned by the ‌lack ⁠of due process.

— CONCACAFExpressing surprise and concern over the lack of official communication regarding FIFA's plan.

Both confederations stated they were blindsided by the plan, learning about FIFA's intention to bring private investors into the game through media reports rather than official channels. FIFA announced plans to establish FIFA Forward Enterprise to manage commercial and event operations, offering up to 20% in stakes to external investors to raise as much as $4.2 billion. FIFA would retain control of the subsidiary.

We share the disappointment of many within our region and the game that this level of detail has been designed and shared publicly before any discussion with the relevant governance bodies and stakeholders has taken place.

— CONCACAFHighlighting the lack of consultation with governance bodies and stakeholders.

CONCACAF voiced deep concern over the "lack of due process," stating that such significant details were made public before any discussion with relevant governance bodies. "As leaders within football, we are the custodians of the game," CONCACAF said in a statement. "Every decision we make must be guided by good governance, robust processes and long-term stewardship."

Every decision we make must be guided by good governance, robust processes and long-term stewardship.

— CONCACAFStating the principles that should guide football's decision-making.

The AFC echoed these sentiments, expressing disappointment that such a significant proposal was announced without prior examination by the confederation. "Such initiatives should be founded upon the principles of good governance, transparency and meaningful consultation," the AFC stated. They stressed that decisions reshaping the commercial and financial future of the game require comprehensive engagement with confederations, member associations, and other stakeholders before being presented to decision-making bodies. The AFC believes all stakeholders need sufficient information and time to assess the proposal's full implications.

Such initiatives should be founded ⁠upon the principles of good governance, transparency and meaningful consultation.

— AFCEmphasizing the importance of transparency and consultation for significant proposals.
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Originally published by Asharq Al-Awsat. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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