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Concacaf unanimously rejects FIFA's private equity plan
🇬🇷 Greece /Sports

Concacaf unanimously rejects FIFA's private equity plan

From Ta Nea · () Greek

Translated from Greek, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • Concacaf, representing 41 football federations, unanimously rejected FIFA's proposal to create a new commercial company with private equity.
  • The confederation cited concerns over the lack of due process, a tight deadline, and insufficient governance oversight for the plan.
  • Concacaf called for FIFA's existing reserves to fund development programs, rather than selling stakes in the World Cup.

Concacaf, the football confederation for North, Central America, and the Caribbean, has unanimously rejected FIFA's controversial proposal to establish a new commercial entity involving private investment funds. The decision was made during an extraordinary meeting of its 41 member federations on Thursday. This move mirrors a similar rejection by UEFA, whose 55 member associations had previously signaled a boycott of FIFA events if the plan proceeded.

Concacaf is a confederation united by the love for our sport, where football comes first.

— ConcacafConcacaf stated its core philosophy and commitment to the sport in its official announcement regarding the rejection of FIFA's proposal.

In an official statement, Concacaf expressed deep concern regarding the proposal's perceived lack of procedural transparency, an artificially imposed short deadline, and the absence of adequate control or approval from FIFA's governing bodies. The confederation questioned the necessity of private equity investment for FIFA Forward programs, especially following what it described as the most profitable World Cup in history.

History has shown FIFA and the football family what happens when the custodians of the sport lose touch with these values.

— ConcacafConcacaf alluded to past issues within FIFA governance in its statement explaining the rejection of the new commercial venture.

Concacaf emphasized its commitment to transparency and sound governance, stating, "Football comes first." The confederation urged FIFA to utilize its substantial existing financial reserves to increase funding for the FIFA Forward program, thereby supporting the development of football within its region. They have tasked their FIFA Council members to communicate this decision and explore alternative funding mechanisms.

We have rejected the proposal.

— ConcacafConcacaf clearly stated its decision regarding FIFA's plan in its official announcement.
DistantNews Editorial

Originally published by Ta Nea in Greek. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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