FIFA has abandoned plans to establish a subsidiary valued at $20bn (£15bn) and raise $4.2bn (£3.16bn) by selling off more than 20% of the proposed FIFA Forward Enterprise.
FIFA president Gianni Infantino confirmed the decision after the proposal generated divisions among interested parties. The plans had been announced by football’s world governing body on Tuesday, but will now not go ahead.
In comments obtained exclusively by the UK’s Sky News, Infantino said the decision followed a review of the views surrounding the project.
“Having listened carefully to all the views, it has become clear that the 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.”
“Our purpose has always been – and will always be – to unite and improve. As a result, this proposal will not proceed.
“Moving forward, my intent is to bring all interested parties back together in the coming days and weeks in the spirit of shared interest in our game, and with the objective to continue growing football everywhere, and particularly in those countries that mostly need our support.”
The proposal had centred on the creation of FIFA Forward Enterprise, a new subsidiary that FIFA said would be worth $20bn (£15bn). More than 20% of the enterprise was due to be sold, with the planned fundraising expected to generate $4.2bn (£3.16bn).
However, Infantino said the level of disagreement surrounding the project meant it no longer served the purpose for which it was intended. He therefore confirmed that the proposal would be withdrawn rather than taken forward.
The FIFA president also indicated that his next priority would be to reconnect the parties involved in the discussions. He said he intended to do so over the coming days and weeks, with the stated aim of restoring a shared focus on football.
Infantino said that future discussions would be conducted in the interests of the game and would continue to focus on football’s growth around the world. In particular, he highlighted countries that need FIFA’s support most.
The decision brings an end to the plans confirmed by FIFA on Tuesday, including the proposed $20bn valuation, the creation of the subsidiary and the intended sale of more than 20% of FIFA Forward Enterprise.
