FIFA has scrapped plans to launch a multibillion-dollar commercial venture and sell off a stake in the proposed entity following growing concerns and divisions over the project.
FIFA President Gianni Infantino confirmed that the FIFA $20bn World Cup sell-off plan would no longer proceed, saying the proposal had created divisions that were no longer in the best interest of its original objective.
The decision was reported by the UK’s Sky News, which said it had obtained exclusive comments from Infantino.
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“Having listened carefully to all the views, it has become clear that the World Cup sell-off plan project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place,” Infantino said.
He added that FIFA’s primary purpose is to unite and improve the sport.
“Our purpose has always been – and will always be – to unite and improve. As a result, this proposal will not proceed,” he said.
The FIFA president also indicated that the organisation would seek to bring stakeholders together to discuss the future of the sport.
“Moving forward, I intend to bring all interested parties back together in the coming days and weeks in the spirit of shared interest in our game, and to continue growing football everywhere, and particularly in those countries that mostly need our support,” Infantino said.
The decision comes just days after FIFA confirmed plans for a new subsidiary reportedly valued at around $20 billion (£15 billion).
The proposed FIFA Forward Enterprise was expected to raise approximately $4.2 billion (£3.16 billion) by selling more than 20% of the new entity.
The initiative was reportedly intended to create a new commercial structure around FIFA’s global football development activities, although the proposal faced opposition and concerns from various stakeholders.
The decision to abandon the FIFA $20bn World Cup sell-off plan represents a significant reversal for the global governing body, which had been exploring new ways to generate revenue and expand its investment in football development.
Infantino’s latest comments suggest FIFA will now focus on rebuilding consensus among interested parties and maintaining its commitment to supporting football development, particularly in countries that require greater financial and institutional assistance.
The development also comes as FIFA continues preparations for major international tournaments and seeks to strengthen the financial sustainability of football at all levels.