FIFA executive lashes Infantino over sell-off plan
Summarized and contextualized by DistantNews.
At a glance
- FIFA's chief operating officer, Kevin Lamour, criticized President Gianni Infantino's plan to sell stakes in future World Cup profits.
- Lamour stated that FIFA staff were deceived by Infantino's lack of transparency regarding the plan.
- Carlos Cordeiro, a senior advisor, also resigned in opposition to the $20 billion deal with a private equity fund.
FIFA's chief operating officer, Kevin Lamour, has publicly criticized President Gianni Infantino's controversial plan to sell stakes in future World Cup profits, suggesting the project should not proceed. Lamour stated that FIFA staff felt "deceived" by Infantino's secretive approach to developing the sale over recent months, asserting that his colleagues "deserve better than contempt and intimidation."
Not only must this project not go ahead โฆ but the time has now come for football political leaders to ask themselves the right questions and make the right decisions.
Lamour, a long-time associate of Infantino from their time at both FIFA and UEFA, described the plan as "the project of one person." He urged football leaders to "ask themselves the right questions and make the right decisions," implying that the deal is detrimental to the sport.
His statement followed the resignation of Carlos Cordeiro, Infantino's senior advisor and former Goldman Sachs banker. Cordeiro, who represented FIFA on the White House Task Force for the World Cup, resigned because he "cannot stand by while FIFA considers selling a stake in the World Cup." He was not involved in the talks concerning the proposed $20 billion commercial subsidiary with a New York investment fund led by Joshua Kushner.
I cannot stand by while FIFA considers selling a stake in the World Cup.
Cordeiro unequivocally opposed the deal, calling it "a bad deal for football." Lamour, while not resigning his post, indicated he felt a duty to his colleagues and that he would understand if his stance led to his dismissal. He came to soccer from politics two decades ago and has often liaised with FIFA member federations, particularly in Africa and Asia, who are currently considering Infantino's offers of $US20 million each by a September 19 deadline.
Let me be clear. I had no involvement in this proposal, and I oppose it unequivocally.
Infantino's proposal involves spinning off FIFA's commercial businesses, including men's and women's World Cups and Club World Cups, into a $20 billion subsidiary where private investors would own 20 percent. Cordeiro, with over 35 years in banking, stated he understands the value of this asset and the consequences of divesting part of it, strongly advocating for the proposal's rejection.
And if that means I lose my job then so be it. I will understand and respect that decision. At least I'll sleep well tonight.
Originally published by ABC Australia. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.