Gianni Infantino has withdrawn plans to raise £3.1bn by selling stakes in FIFA tournaments to private investors, after opposition from UEFA, CONCACAF, the AFC and two members of FIFA’s hierarchy.
The FIFA president said the proposed FIFA Forward Enterprise project would not proceed because it had created divisions, despite his intention to continue in his position.
Infantino had proposed establishing a new enterprise to attract private capital for the commercial and operational management of FIFA competitions. Investment bank J.P. Morgan had been advising on potential investors, while Joshua Kushner – the brother of Jared Kushner, son-in-law of Donald Trump – had been expected to provide significant backing.
However, the plan suffered a series of setbacks from football’s governing bodies.
On Friday, the Asian Football Confederation (AFC) became the third confederation to reject the proposal. Its decision came a day after CONCACAF opposed the plan and followed UEFA’s announcement that it would boycott FIFA competitions.
The proposal had been presented as a way of generating further investment for FIFA’s member associations, particularly in countries where football requires the greatest support. Infantino had also said from the outset that the project would only go ahead if a majority of FIFA’s member associations backed it, following consultation with those associations, the FIFA Council, the confederations and other stakeholders.
Announcing the decision to abandon the project, Infantino said: ‘The FIFA Forward Enterprise project was intended to provide a basis for further strengthening our FIFA Member Associations and our sport worldwide, especially in those countries where support is most needed.
‘And more so, as we said from the outset, to do this only if a majority of the FIFA Member Associations were in support and always subject to a consultation process with them, the FIFA Council, the Confederations and wider stakeholders.
‘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 collapse of the proposal follows sustained resistance within the international game. UEFA, CONCACAF and the AFC each rejected the plans, while two members of the FIFA hierarchy also played a part in opposing the initiative.
Despite the defeat, Infantino is expected to fight on to retain his position as FIFA president. His latest statement instead focuses on rebuilding agreement among the organisations involved and continuing to expand football, especially in countries most dependent on FIFA support.
The decision means the proposed sale of shares in FIFA tournaments to private investors has been abandoned. There will now be an attempt to bring the interested parties back together in the coming days and weeks.
