FIFA scraps plan to sell stake in commercial arm after global football backlash

FIFA President Gianni Infantino has announced the withdrawal of a controversial plan to sell stakes in a new subsidiary responsible for managing commercial operations of major tournaments, including the World Cup. The decision comes after a swift and strong backlash from football's continental confederations.

The plan, revealed just days prior, involved establishing a company named "FIFA Forward Enterprises" (FFE) and selling a portion of its shares to "Slyvane Eternal," a venture capital firm founded by Joshua Kushner, brother of former White House advisor Jared Kushner. This move was intended to generate revenue and streamline commercial activities.

However, the proposal immediately triggered widespread condemnation. UEFA, the governing body for European football, declared it would boycott FIFA competitions if the plan proceeded. Other confederations, including CONCACAF (North, Central American and Caribbean Football Confederation) and the AFC (Asian Football Confederation), also issued statements expressing their opposition.

In response to the mounting pressure, Infantino issued a statement on Tuesday acknowledging the division the project had caused. "After listening to all viewpoints, it has become clear that the project we intended to pursue has caused division, which is contrary to the initial goals set," Infantino said. "We will no longer pursue the project." The withdrawal marks a significant concession by FIFA's leadership in the face of unified opposition from its member associations.

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After listening to all viewpoints, it has become clear that the project we intended to pursue has caused division, which is contrary to the initial goals set. We will no longer pursue the project.