Fifa Vows to Continue with Plan to Sell Stakes in Competitions to Private Investors
The International Federation of Association Football (FIFA) has reaffirmed its commitment to proceeding with a plan to sell stakes in its competitions to private investors. The move, which was met with opposition from several governing bodies, including UEFA and CONCACAF, comes after FIFA president Gianni Infantino stated that “nobody is selling football” during the consultation process.
The proposal, which has been dubbed “Fifa Forward Enterprise” (FFE), aims to create a commercial subsidiary to run its main events, including the World Cups. The plan would allow external investors to buy stakes in FFE, giving them control over the organization’s operations and potentially increasing revenue for member associations.
However, UEFA and CONCACAF have rejected the proposal, citing concerns that it could lead to a loss of democratic control and governance within FIFA. They argue that the consultation process was disrupted by incorrect media reports, which may have influenced public opinion against the plan.
Despite these objections, Infantino remains committed to pursuing the proposal. He has stated that FFE will be established in time for the 2026 World Cup, with Thrive Eternal being the lead investor group. The venture capital firm, founded by Joshua Kushner, is expected to play a key role in shaping the organization’s commercial strategy.
The plan has sparked controversy within FIFA, with some member associations expressing concerns about the potential impact on their own football operations and governance structures. However, Infantino remains confident that the proposal will be successful if it receives sufficient support from its 211 members.
In response to criticism, FIFA has released a statement reaffirming its commitment to an open and democratic consultation process. The organization claims that it respects the feedback and concerns of member associations while also ensuring that each association has the opportunity to express their vote based on facts.
The plan is likely to be put to a final vote at the 2024 World Cup, where FIFA members will have the chance to approve or reject Infantino’s proposal. If approved, FFE would become operational in time for the tournament, with Thrive Eternal serving as its lead investor group.
Source: BBC Top Stories
Based on reporting from BBC Top Stories.
