FIFA President Gianni Infantino has abandoned his plan to sell shares in the World Cup following significant criticism and the threat of a boycott from European countries, including dissent from within FIFA itself.
Infantino’s initial proposal aimed to establish a $20 billion company to manage the World Cup with private investors involved, including the Kushner family. However, opposition to the idea intensified daily since its unveiling on Tuesday.
In a statement released late on Friday, Infantino announced, “The proposal will not proceed.”
“After carefully considering all perspectives, it is evident that the project has generated divisions that, regardless of support levels, are no longer conducive to achieving the original goals,” he remarked.
This reversal follows two high-ranking FIFA officials expressing their concerns about the initiative earlier that day, with one resigning from his position as a presidential adviser and another claiming that staff had been misled about the project’s viability.
Carlos Cordeiro, a former Goldman Sachs banker and FIFA representative on the White House Task Force for the World Cup, stepped down in protest.
“I cannot remain silent while FIFA contemplates selling a stake in the World Cup,” Cordeiro stated in his resignation, calling on other senior FIFA officials to express their concerns.
Shortly after, FIFA’s Chief Operating Officer Kevin Lamour communicated to The Associated Press that the organization’s staff felt misled by Infantino’s lack of transparency in pursuing the sale and that the project should not advance.
“This is the initiative of one individual,” Lamour wrote, referencing his long-term associations with both Infantino at FIFA and UEFA. “Not only should this project not proceed, but it is time for football’s leaders to reflect and make the appropriate decisions.”
On Thursday, UEFA’s 55 member nations unanimously agreed to boycott the World Cup and all future FIFA events in protest of the proposal, declaring, “Some things are simply too significant to sell.”
“This represents not just a serious failure in leadership but also a dereliction of FIFA’s role as the steward of global football,” UEFA asserted. Infantino previously held significant positions within UEFA, including serving as its general secretary before his election as FIFA president in 2016.
Following UEFA, the Confederation of North, Central American, and Caribbean Association Football (Concacaf) and the Asian Football Confederation (AFC) also voiced their disapproval of the initiative.
Infantino’s original plan involved separating FIFA’s commercial operations—such as the World Cup and Club World Cups for both men and women—into a $20 billion subsidiary with 20% ownership allocated to private backers.
The primary investor mentioned by FIFA was a New York-based investment firm established by Joshua Kushner, the brother of Jared Kushner, notable for his ties to U.S. political leadership.
“Moving forward, my goal is to reunite all stakeholders in the coming days and weeks, fostering a collaborative spirit for the betterment of the game and particularly supporting nations that need it most,” Infantino concluded in his statement on Friday.
The upcoming FIFA event is the Women’s Under-20 World Cup, set to start on September 5 in Poland, an event that UEFA members have pledged to boycott.
This controversy may have lasting repercussions for Infantino, especially in light of comments from Lamour and Cordeiro.
Reelected without opposition in both 2019 and 2023, Infantino is eligible for one additional four-year term according to FIFA rules. The next election deadline is November 18, exactly four months prior to the vote in Rabat, Morocco, where FIFA has its African headquarters.
While Infantino’s position appeared secure despite long-standing concerns regarding his leadership style and past initiatives, the failed private investment proposal could make his tenure more precarious.
The Associated Press contributed to this report.