Home›Global Markets›Trade & Tariffs›Fifa drops plan to sell World Cup stakes after backlash

Fifa drops plan to sell World Cup stakes after backlash

Fifa said the move follows criticism that the proposal created divisions, and it is now looking to bring stakeholders back together.

Reported · Written up by our desk · Trade & Tariffs

Fifa president Gianni Infantino said plans to sell stakes in the World Cup have been scrapped after a widespread backlash, adding that the project had created divisions no longer aligned with the federation’s stated objective.

According to the Guardian Business, the proposal triggered unrest across football, including Uefa threatening a boycott of future Fifa tournaments if the plan was not shelved.

The outlet also reported that other confederations opposed the scheme, and that Infantino’s senior advisor Carlos Cordeiro resigned on Friday in protest. Fifa’s chief operating officer, Kevin Lamour, had also criticized the effort as showing a serious lack of respect through minimal consultation.

Infantino said in a statement that, after listening to different views, the proposal would not proceed and that his intent is to reunite interested parties in the coming days and weeks to continue growing football, particularly in countries that mostly need support. The report said the plan had been expected to raise hundreds of millions of dollars by selling a significant stake tied to commercial rights for the men’s and women’s World Cup.

More like this

Sources