Gianni Infantino drops FIFA World Cup private equity plan after global backlash
FIFA president Gianni Infantino withdrew a proposal to create a $20 billion company to manage FIFA's commercial business, including the men's and women's World Cups and Club World Cups.
The proposal would have given private investors a 20% stake, with New York-based investment firm founded by Joshua Kushner as the proposed anchor investor.
UEFA led opposition, with its 55 member associations agreeing to boycott FIFA competitions if the plan proceeded.
CONCACAF and the Asian Football Confederation also opposed the proposal, and senior FIFA adviser Carlos Cordeiro resigned.
Infantino announced the decision on Friday, saying the project had created divisions and would not proceed.
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