FIFA has scrapped its proposed $20 billion World Cup investment plan after strong opposition from football confederations and member associations around the world.
Zurich| By Sayer Zaland
FIFA has abandoned its proposed $20 billion investment plan for future FIFA World Cups following widespread opposition from football governing bodies and member associations.
FIFA President Gianni Infantino announced on Friday that the proposal would not proceed after consultations with stakeholders. The plan would have created FIFA Forward Enterprise (FFE), a new commercial subsidiary backed by private investment to manage the commercial and operational rights of future World Cups.
“Having listened carefully to all the views, it has become clear that the project has created divisions that are no longer in the interest of our objective,” Infantino said. “Our purpose has always been, and will always be, to unite and improve.”
The proposal faced criticism from several football confederations. UEFA said it threatened the governance of the game, while the Asian Football Confederation (AFC) and Concacaf also rejected the plan. Former FIFA adviser Carlos Cordeiro resigned in protest, saying the proposal was not in the best interests of football.
After FIFA withdrew the proposal, UEFA, the AFC and Concacaf welcomed the decision and called for greater consultation on major issues affecting the global game.
FIFA said it will continue working with its member associations to support football development and strengthen cooperation across the sport.