"FIFA" buries the "World Cup sale" project .. The storm of rejection brings down Infantino's project.
FIFA President Gianni Infantino has withdrawn the proposal to open the door for private sector investors to enter the federation's commercial activities, after facing widespread opposition from continental and national federations. This move reflects the extent of the pressures the project has faced since its announcement a few days ago and puts an end to one of the most controversial initiatives in the history of the international football organization.
Infantino stated in a statement released on Saturday that the international federation decided not to proceed with the proposal after listening to various opinions, confirming that the project had created divisions that no longer serve the purpose for which it was proposed. He added that the goal will remain to unify the football family and develop the game, and therefore it was decided to withdraw the proposal and not adopt it.
FIFA had unexpectedly announced last Tuesday a plan to establish a new company called "FIFA Forward Enterprise" to manage the commercial rights and major events associated with the federation, including the World Cup, with about 20 percent of its shares being offered to private sector investors in a deal expected to raise around $4.2 billion, while the estimated value of the new company was around $20 billion.
The international federation justified the project by expressing its desire to double the funding allocated to developing football worldwide, raising it to ten billion dollars over the next four years, confirming that the additional revenues would benefit national federations and development programs.
However, these justifications did not succeed in alleviating the concerns raised by the project, as many parties considered that introducing investors into the heart of FIFA's commercial system could open the door to prioritizing financial interests over sporting considerations, potentially changing the nature of international tournaments, foremost among them the World Cup.
