FIFA scraps $4.2 billion sale of 20% commercial stake
FIFA has pulled the plug on its $4.2 billion plan to sell a 20% stake in its commercial business (including World Cup rights) after facing heavy criticism from across the football world.
The idea was to launch a new company, FIFA Forward Enterprise, to boost global football development, but President Gianni Infantino admitted that deep divisions made it impossible to move forward.
Confederations oppose plan Carlos Cordeiro quits
UEFA, CONCACAF, and AFC (representing most of FIFA's member associations) firmly opposed the deal, warning it could threaten the heart of football.
UEFA even backed a boycott if the plan went ahead.
Internally, senior adviser Carlos Cordeiro quit over what he called "a bad deal."
Infantino now says he will "engage with stakeholders in the coming weeks to find other ways to strengthen the global game, particularly in developing football nations."