World football governing body FIFA has abandoned plans to sell a 20 percent stake in a new commercial unit after the proposal faced strong opposition from several member associations, particularly UEFA.
The proposed deal was expected to raise up to $4.2 billion, valuing the new business unit at $20 billion. The unit would have managed FIFA’s major tournaments, including the FIFA World Cup.
The proposal sparked criticism after it was announced on Tuesday, with UEFA leading opposition to the plan. The European football governing body described the proposal as being developed in secret and voted on Thursday to boycott FIFA competitions.
In a statement, UEFA said it was “irresponsible and indefensible” for such a significant proposal to be conceived without proper consultation, accusing FIFA of putting the “soul” of football up for sale.
Reacting to the backlash, FIFA President Gianni Infantino confirmed on Friday that the proposal would no longer move forward.
“Having listened carefully to all the views, it has become clear that the project has created divisions that are no longer in the interest of the objective set out in the first place. Our purpose has always been and will always be to unite and improve. As a result, this proposal will not proceed,” Infantino said.
The decision marks a major reversal for FIFA following widespread resistance from stakeholders within the global football community.
