GIANNI INFANTINO’s scandalous plan to sell the World Cup to private investors was finally scrapped on Friday evening.
The Fifa supremo was the target of global backlash after a plan was revealed to create a Fifa subsidiary, the Fifa Forward Enterprise, which would run the World Cup and be open to private investment.
On Tuesday it emerged that Infantino wanted to create a subsidiary called the Fifa Forward Enterprise, which would have presided over money-making assets including the World Cup.
Fifa valued the new branch at £15bn, and was hoping to sell a 20 per cent stake for £3.1bn.
But now the controversial plans have been scrapped following widespread opposition from football confederations, national associations and senior figures within the organisation.
In comments obtained by Sky News, Infantino said upon listening to “all the views” he recognised the “project has created divisions”.
He said: “The FIFA Forward Enterprise project was intended to provide a basis for further strengthening our FIFA Member Associations and our sport worldwide, especially in those countries where support is most needed.
“And more so, as we said from the outset, to do this only if a majority of the FIFA Member Associations were in support and always subject to a consultation process with them, the FIFA Council, the Confederations and wider stakeholders.
“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. Our purpose has always been – and will always be – to unite and improve.
“As a result, this proposal will not proceed. Moving forward, my intent is to bring all interested parties back together in the coming days and weeks in the spirit of shared interest in our game, and with the objective to continue growing football everywhere, particularly in those countries that mostly need our support.”
Thrive Capital, led by Joshua Kushner, Donald Trump‘s son-in-law Jared Kushner‘s brother, had been a front-runner to bid, with JPMorgan onboard in an advisory role.
But according to the New York Post, a source said of Kushner’s group: “They are not feeling this. There is no way they want to continue to be involved in this mess.
“Kushner will figure out another way to get involved in this space. This is becoming a brand nightmare.”
Uefa chief Aleksander Ceferin strongly opposed Fifa’s project from the start.
And on Thursday, Uefa’s 55 member associations, including England, agreed to boycott the World Cup should the Fifa Forward Enterprise come to fruition.
Fifa attempted to hang on to its plan, dangling £30million payments to its member associations should it be approved by September 19.
But Uefa’s boycott promise tanked the value of Fifa’s proposed deal – with Europe’s huge markets driving significant commercial interest from TV, sponsors and fans.
Concacaf and the AFC also publicly revealed their opposition to Infantino’s money-making vision, providing a further nail in its coffin.
Early on Friday Infantino was rocked by the resignation of one of his most senior advisers, Carlos Cordeiro.
The former US Soccer president told Sky News: “As a senior adviser to the Fifa president, a former banker, and a lifelong football fan, I cannot stand by while Fifa considers selling a stake in the World Cup.
“Let me be clear: I had no involvement in this proposal, and I oppose it unequivocally.
“It is a bad deal for Fifa’s Member Associations, a bad deal for football, and a bad deal for the long-term future of the game.”
As the project crumbled around them, Fifa still attempted to plough on.
A shameless statement on Friday read: “We have heard the feedback provided by the respective confederations in relation to the proposed establishment of Fifa Forward Enterprise (FFE) and would like to address the issues that have surfaced since the initial media reporting on Tuesday.
“We respect the feedback and concern aired in public and reaffirm our commitment to an open and democratic consultation.
“Our planned consultation process was disrupted by incorrect media reports.
“We will proceed with this consultation process to ensure that each MA has the ability to express its vote based on facts.
“FFE has been proposed solely to ensure that all Fifa Member Associations (MAs) have the opportunity to take meaningful ownership of the commercial opportunity of football in their respective countries, and that this does not come at the cost of either the spirit or the governance of FIFA or football itself.
“Nobody is selling football. This is not something Fifa would ever entertain.
“Everyone has the right to express their opposition and to seek further clarification but no single entity can claim to represent all 211 MAs around the world.
“Each MA should be allowed to review the proposal and have a say in shaping their own future. These are the democratic principles of Fifa.”
The Sun
