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FA condemns FIFA plan to sell World Cup stakes to private investors
FIFA set a 19 September deadline for 211 member associations to decide on a $20m initial payment tied to a 20% sale of a new commercial entity valued at $20bn.
The Football Association has joined UEFA in criticizing FIFA’s plan to sell stakes in the World Cup to private investors, saying it has not seen substantive details of the proposals, according to a statement released by the FA on Wednesday morning.
The FA said it remains unaware of the plan and raised “grave concerns” about FIFA’s governance, adding that it is deeply concerned by the lack of process behind how the proposal reached its current stage.
FIFA has given its 211 member associations until 19 September to decide whether to apply for an initial payment of $20m for the proceeds of a 20% sale of a new commercial entity called FIFA Forward Enterprise (FFE), which the plan values at $20bn.
The report notes the FA chair, Debbie Hewitt, is one of eight FIFA vice presidents and that the FA is understood to be in talks with UEFA and other European associations that are determined to stop the plan, with options including a boycott of FIFA tournaments and a potential breakaway.