. World football’s governing body FIFA has withdrawn a controversial proposal to bring in foreign investment in its business business. FIFA has decided not to go ahead with the plan following strong opposition from member states and soccer associations.
FIFA had proposed to sell a 20 percent stake in its major tournaments, including the World Cup, by setting up a separate entity to manage them professionally.
It was targeted to raise about $4.2 billion. According to the proposal, the valuation of the new institution was estimated to be about $20 billion.
The proposal, which was made public on Tuesday, was met with strong opposition, especially from the European Football Confederation (UEFA).
UEFA decided to boycott the plan on Thursday, accusing it of trying to sell commercial rights to an external investor as an attempt to “sell the very soul” of football.
FIFA president Gianni Infantino said in a statement on Friday night that he would not implement the proposal.
He said that after listening to the views of various sides, the conclusion was reached that the project had created unnecessary division.
“Our aim has always been to unite and develop football. Therefore, this proposal will no longer be pursued,” Infantino said in a statement. Meanwhile, Carlos Cordeiro, Infantino’s senior adviser, resigned from his post on Friday. He described the offer as a “bad deal for football”.
Kevin Lomuer, FIFA’s chief operating officer, also criticized the plan, saying it had misled staff and was a “one-man project”.
With the withdrawal of the proposal, FIFA has signalled that it will seek a new strategy for the development of world football by reaching a consensus among its member associations. ANI
प्रतिक्रिया दिनुहोस्
