FIFA President Gianni Infantino has withdrawn his controversial proposal to sell stakes in FIFA tournaments to private investors after facing strong opposition from major football governing bodies.
The proposal would have involved selling shares worth about £3.1 billion in FIFA competitions through a new investment project.
Despite reports that he intends to remain in office, Infantino has decided to abandon the plan following widespread criticism.
In a statement, he explained that the proposal was designed to strengthen FIFA’s member associations and support football development, especially in countries that need greater financial assistance.
“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, and particularly in those countries that mostly need our support.”
The decision came after several football confederations publicly opposed the proposal.
The Asian Football Confederation (AFC) rejected the plan on Friday, following CONCACAF’s decision a day earlier.
UEFA had also announced that it would boycott FIFA competitions if the proposal went ahead.
According to reports, Infantino had planned to launch a new enterprise backed by major private investors, including Joshua Kushner, the brother of Jared Kushner, while investment bank J.P. Morgan was advising on potential investors.
The withdrawal of the proposal marks a significant setback for the FIFA president after growing resistance from football governing bodies around the world.
