Infantino abandons World Cup equity plan after seismic FIFA backlash

FIFA President Gianni Infantino has abandoned a controversial plan to sell stakes in future World Cup profits to private investors, following a seismic backlash from global soccer stakeholders. The proposal, which had threatened to cause a rift within the sport, was officially scrapped early Saturday from FIFA headquarters in Switzerland.

Infantino's misstep involved inviting private investors, notably Joshua Kushner's Thrive Eternal, to buy into the lucrative future profits of World Cups and all FIFA events. The plan aimed to create a subsidiary, FIFA Forward Enterprise (FFE), to manage the commercial aspects of FIFA's work, including tournament running, broadcasting, sponsorship, and ticket sales. FIFA proposed raising $4.2 billion from investors for approximately a 20% stake in FFE, valuing it at $20 billion.

The ensuing fallout was intense. European nations vowed to boycott FIFA events, and senior FIFA staff alleged that Infantino had deceived them about the project. The backlash created divisions so significant that Infantino stated, "it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place."

While Infantino had recently appeared secure in his position, even receiving election support pledges from about 200 of FIFA's 211 member federations, the investment plan's rejection has cast doubt on his continued support. The proposal was particularly contentious as many observers believe the World Cup, soccer's ultimate prize, should remain focused on glory rather than commercial profit, a sentiment deeply held by fans who consider it their own.

“

Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place.