FIFA Withdraws Plan to Sell Stakes After Football World's Backlash

International Football Federation (FIFA) has abandoned its controversial plan to sell stakes in its subsidiaries to private investors, following widespread backlash from the global football community. The decision was announced on August 1 via the social media platform X, in a statement attributed to FIFA President Gianni Infantino.

The initiative, known as the 'FIFA Forward Enterprises Project,' aimed to establish a subsidiary to manage the commercial aspects of FIFA-sanctioned tournaments, including the World Cup. FIFA intended to sell a portion of this subsidiary's shares to private investors, potentially raising as much as $4.3 billion (approximately 6 trillion South Korean won).

However, the proposal met immediate and fierce resistance. The Union of European Football Associations (UEFA) issued a strong statement on July 30, unanimously rejecting the plan and threatening to boycott all FIFA-organized events if the proposal was not withdrawn. Football confederations from North and Central America, as well as Asia, also voiced opposition or criticism.

In its statement, FIFA acknowledged that while the project was intended to strengthen global football, particularly in developing nations, it had instead caused division. The organization stated, "After listening to all opinions, we have concluded that the project has not been aligned with the initial objectives and has caused division."