FIFA Abandons Stake Sale, Infantino Faces Growing Scrutiny

By Adedapo Adesanya

The Federation of the International Football Association (FIFA) will not proceed with its proposal to sell a piece of its business operations to outside investors after the project ⁠was met with fierce resistance from some of its member associations.

FIFA’s plan was to raise up to $4.2 billion by selling about a 20 per cent stake in a new unit that would run FIFA events, including the ‌World Cup, valuing it at $20 billion.

The proposal was strongly opposed by the Union of the European Football Associations (UEFA), European football’s governing body, which voted on Thursday to boycott FIFA competitions. There was also opposition from the Confederation of North, Central America and Caribbean Association Football (CONCACAF), the Asian Football Confederation (AFC) and the English FA.

In a statement, UEFA said that it was “irresponsible and indefensible that a proposal of such significance for football was conceived in secret”.

The Switzerland-based organisation’s statement also accused FIFA of putting the sport’s “soul” up for sale.

“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,” FIFA President Gianni Infantino said in a statement announcing the cancellation.

“Our purpose has always been – and will ⁠always be – to unite and improve. As a result, this proposal will not proceed.”

UEFA welcomed the decision to scrap it but said it had lost confidence in FIFA’s current leadership, while AFC, while welcoming the decision, said that it expected any initiative of such magnitude to be discussed with its members in a “timely, transparent and meaningful manner”.

Mr ⁠Infantino’s senior adviser Carlos Cordeiro had resigned with ⁠immediate effect, calling the plan “a bad deal for football”.

FIFA’s Chief Operating Officer Kevin Lamour said staff were “deceived” by Mr Infantino, describing the proposal as a “project of one person”.

The development has now raised eyebrows against the FIFA President, especially his relationship with US President Donald Trump.

The planned FIFA private investment scheme involved Mr Joshua Kushner, the founder of Thrive Capital, who would lead the proposed venture capital group via a fund called Thrive Eternal. He is the brother of Jared Kushner, son-in-law of President Trump.

Mr Infantino said in April he ‌would seek a fourth term as FIFA president, with the election scheduled to take place in Morocco on March 18 next year.

The deadline for potential candidates to declare in a presidential vote of the 211 members is November 18.

Observers now wonder if there will be fresh competition to the Swiss’ ambition to lead the world’s football authority for another