FIFA abandons private investment plan amid widespread opposition

FIFA abandons private investment plan amid widespread opposition

Global soccer governing body FIFA has scrapped a plan to start a subsidiary to manage its commercial and event operations. The reversal comes amid fierce opposition from member associations.

FIFA announced the plan on Tuesday and said it would sell a stake in the proposed subsidiary to private investors. It said the company would manage the commercial operations of the World Cup and other competitions. This would include the overseeing of broadcasting rights and sponsorships.

European soccer governing body UEFA and its 55 national associations released a statement rejecting the proposal on Thursday. It said UEFA national teams would boycott FIFA competitions unless the plan was abandoned. The statement also sought a "binding assurance" that "FIFA will never again open its governance or competitions to private ownership."

The governing body of North America, Central America and the Caribbean, CONCACAF, and the Asian Football Confederation also rejected the plan and expressed their concerns.

FIFA President Gianni Infantino announced he was withdrawing the plan on Friday. He said in a statement, "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."

Asian Football Confederation President Shaikh Salman expressed his support for the decision. He said on the AFC website, "The future of global football must always be shaped through proper consultation, collective dialogue and respect for the established governance structures of our game."

UEFA also welcomed the decision but accused Infantino of trying to force through a "shabby, back room, opaque deal."

It said the "current FIFA leadership has not only lost UEFA's confidence but also that of many other members of the football family."

The European governing body said it will reflect on what happened with its member associations and other confederations in the coming weeks. It added, "We must identify those responsible and hold them to account."