FIFA abandons World Cup stake sale plan after backlash

FIFA President Gianni Infantino has pulled the plug on a controversial plan to sell a stake in the World Cup to private investors, citing the need to avoid division within the sport. The proposal, which sought to raise up to $4.2 billion by selling a 20% share in a new company managing FIFA's competitions, including the World Cup, faced immediate and strong backlash.

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Our purpose has always been – and will always be – to unite and advance football. Therefore, this proposal is being abandoned.

UEFA, the European football confederation, had threatened a boycott and accused FIFA of putting the "soul" of football up for sale. "After carefully listening to all opinions, it became clear that the project has caused divisions which, regardless of the level of support, are no longer in the interest of the goal we wanted to achieve with it," Infantino said in a statement.

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After carefully listening to all opinions, it became clear that the project has caused divisions which, regardless of the level of support, are no longer in the interest of the goal we wanted to achieve with it.

FIFA had argued that selling a minority stake would generate billions for global football development, while also accusing media of misrepresenting the proposal. Infantino had also attempted to garner support by offering member nations $40 million each if they backed the plan by September 19. He expressed a desire to reunite stakeholders to further develop football, particularly in countries most in need of support.

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Our purpose has always been – and will always be – to unite and advance football. Therefore, this proposal is being abandoned.