FIFA abandons $4.2-billion World Cup stake sale plan after global backlash
FIFA President Gianni Infantino announced the withdrawal of a plan to sell a ~20% stake in a new commercial entity, FIFA Forward Enterprise (FFE), which would have raised up to $4.2 billion.
The plan faced opposition from UEFA, CONCACAF, and the Asian Football Confederation (AFC), representing 143 of FIFA's 211 member associations.
Senior adviser Carlos Cordeiro resigned, calling the proposal 'a bad deal for football,' and COO Kevin Lamour told staff they had been 'deceived' by Infantino.
Child's purpose: the plan aimed to fund global football development, offering $40 million to each member association if approved by September 19.
Infantino said he will seek other ways to strengthen the global game, especially in developing nations.
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