FIFA proposes selling stakes in World Cup to investors amid backlash from UEFA and football authorities
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2 months · 10 summary articles
FIFA President Gianni Infantino has called the plan to sell stakes in the World Cup a proposal but not an obligation, following strong criticism from football authorities. The proposal, announced this week, involves creating a $20 billion subsidiary to run the World Cup and other events, with plans to sell up to 20% of the stakes to external investors.
The plan has faced fierce backlash from UEFA and other football authorities, who feel blindsided by the proposal. Critics accuse FIFA of commercializing the sport excessively and lacking transparency. UEFA has been particularly vocal in its opposition, with some officials accusing FIFA of attempting to "sell" the sport to investors.
Infantino has defended the proposal, stating that it is part of a democratic process and an opportunity, not an obligation. In a video message released by FIFA on Wednesday, Infantino said, "It’s part of a democratic process – a consultation process – and, above all, it is an opportunity but not an obligation." He emphasized that FIFA would continue to govern football without external interference and that the World Cup would remain the flagship tournament.
The proposal has sparked concerns among fans and officials about the potential impact on the sport. Critics fear that the involvement of external investors could lead to more tournaments and increased commercialization. However, Infantino has sought to reassure fans, stating that the sport they love will not change.
The plan requires approval from a majority of FIFA's 211 member associations and the FIFA Council. Infantino has highlighted the potential financial benefits for smaller nations, stating that the proposal could significantly increase the funds available to member associations. According to Infantino, the plan could result in member associations receiving up to 80 million dollars over a 12-year cycle, compared to the previous 250,000 dollars per year.
The controversy has led to calls for greater transparency and consultation within FIFA. UEFA has called an emergency meeting to discuss the proposal, and some member associations have expressed their opposition to the plan. However, there is also support for the proposal from some smaller nations, who see it as an opportunity to increase their share of the commercial revenues generated by the sport.
The proposal has also raised questions about the governance of FIFA and the role of private investors in the sport. Some officials have accused FIFA of using financial incentives to secure support for the proposal, with reports suggesting that member associations that approve the plan could receive significant financial rewards.
In response to the criticism, Infantino has emphasized the potential benefits of the proposal for the global development of football. He has argued that the involvement of external investors could bring additional expertise and resources to the sport, helping to accelerate its growth and development.
The debate over the proposal is expected to continue in the coming weeks, with FIFA member associations set to vote on the plan in the near future. The outcome of the vote will determine whether the proposal moves forward and whether external investors will be allowed to acquire stakes in the World Cup and other FIFA events.
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