FIFA has scrapped a plan to open its commercial operations to private investors after nearly all member confederations opposed it.
The governing body announced overnight Friday to Saturday that it was abandoning the initiative following days of sharp criticism. President Gianni Infantino said it had become clear the project had created divisions no longer in the interest of the original objective, and that FIFA’s aim had always been to unite and progress.
The plan would have established an entity called FIFA Forward Enterprise to manage the body’s commercial and event activities. FIFA sought to sell up to 20 percent of the structure to private investors, raising up to $4.2 billion, with the goal of bringing football development funding to $10 billion over four years.
UEFA had unanimously threatened to boycott future FIFA competitions, including the World Cup, if the project went ahead. Concacaf also rejected it, and the Asian Football Confederation said it could not achieve the broad consensus needed to proceed. The African and Oceanian confederations called on members to examine the plan, while Conmebol requested additional information and clarifications.
