The governing body for European soccer, UEFA, has expressed its concerns over FIFA President Gianni Infantino’s plan to sell stakes in the World Cup to private equity investors. This proposal was abandoned after significant opposition.
Infantino had suggested the creation of a $20 billion company to manage the World Cup with private investment. However, backlash from soccer bodies across the globe grew rapidly following the announcement. UEFA, led by Aleksander Čeferin, along with soccer associations in Asia and North America, swiftly opposed the plan.
“We must identify those responsible and hold them to account,” stated UEFA, emphasizing their loss of confidence in FIFA’s leadership.
In a statement, UEFA highlighted its discontent with what it called secretive schemes that offer questionable benefits for the sport. Their statement came shortly after FIFA withdrew the private equity proposal.
UEFA plans to collaborate with its members and other soccer confederations to understand how the proposal reached advanced stages and to prevent similar occurrences in the future.
UEFA’s 55 member nations agreed to boycott the World Cup and all FIFA competitions if the plan continued. North America’s CONCACAF and the Asian Football Confederation shared their opposition.
Carlos Cordeiro, Infantino’s senior adviser and a former Goldman Sachs banker, resigned from his position urging fellow FIFA staff to express their opposition. In his resignation statement, Cordeiro argued against selling a stake in the World Cup.
FIFA’s Chief Operating Officer, Kevin Lamour, revealed to The Associated Press that FIFA staff were misled by Infantino’s lack of transparency in the planning process.
The plan involved forming a $20 billion subsidiary with FIFA’s commercial operations, including men’s and women’s World Cups, with 20% ownership by private investors.
Joshua Kushner, brother of Jared Kushner, was identified as an “anchor investor” from a New York-based investment firm aligned with the project.