The FIFA President, Gianni Infantino, is under increasing pressure due to a controversial World Cup privatization plan involving potential investments of up to $20 billion. This proposal has faced widespread criticism from many soccer governing bodies worldwide.
On Friday, a senior adviser to Infantino resigned in protest, marking the latest censure. The Asian Football Confederation (AFC) expressed its ‘deep concern’ over the developments surrounding the creation of the FIFA Forward Enterprise (FFE), the proposed fund.
The AFC issued a statement aligning itself with UEFA, the European football association, and CONCACAF, the North American football governing body. These organizations have already voiced serious apprehensions about the introduction of private investment into FIFA’s main competitions and the decision-making around the FFE.
CONCACAF, which influences North American teams such as the United States and Mexico, raised issues regarding the lack of due process, the expedited deadline, and the absence of reviews by appropriate FIFA governance bodies. It also questioned the necessity for external investment after FIFA’s most profitable World Cup in history.
This secretive plan by Infantino, revealed on Tuesday, aims to commercialize operations through a $20 billion subsidiary. Private investors, including a New York investment firm led by Joshua Kushner, President Donald Trump’s son-in-law’s brother, would own a 20% stake. These revelations come after a hugely successful World Cup jointly hosted by the U.S., Mexico, and Canada, with Spain defeating Argentina 1-0 in extra time at the MetLife Stadium in New Jersey.
Our planned consultation process was disrupted by incorrect media reports,
FIFA stated on Friday, maintaining its commitment to consulting all member associations to ensure informed voting based on accurate information.
The crisis deepened when Carlos Cordeiro, a senior adviser and former Goldman Sachs banker, resigned. Cordeiro, who was also Infantino’s representative to the U.S. administration’s World Cup Task Force, labeled the $20 billion plan as “a bad deal for football.” Despite his role, he had no prior knowledge of the investment scheme.
Cordeiro’s resignation called for more senior staff to speak out and added further scrutiny on Infantino. Despite previously accompanying Infantino to the White House and participating in World Cup task force meetings, Cordeiro unequivocally opposed the proposal. “I had no involvement in this proposal, and I oppose it unequivocally,” he stated, reinforcing his stance against the partial sale of the World Cup through private investment.