Gianni Infantino, president of the International Federation of Association Football "FIFA", has retracted his proposal to sell shares in the World Cup tournament, following angry global reactions, along with threats from several continental federations to boycott, foremost among them the European "UEFA".
Infantino had proposed establishing a $20 billion company to manage the World Cup with the participation of private sector investors, including the Kushner family, but he faced growing opposition daily since his announcement on Tuesday.
Infantino also referred to separating FIFA's commercial activities—including the men's and women's World Cups and Club World Cups—into a $20 billion subsidiary, with private sector investors owning 20% of it.
According to the global "ESPN" network, FIFA defines the "lead investor" as an investment firm based in New York, founded by Joshua Kushner, the younger brother of Jared Kushner, son-in-law of U.S. President Donald Trump.
Infantino retracts his World Cup proposal
In a statement issued late Friday, Infantino said: "This proposal will not move forward; after carefully listening to all opinions, it became clear that the project has caused divisions, and regardless of the level of support, it no longer serves the originally intended goal."
Infantino added in his statement: "In the coming days and weeks, I intend to bring all concerned parties together again in a spirit of shared interest in football, with the aim of continuing to develop it everywhere, especially in countries most in need of our support."
The FIFA U-20 Women's World Cup, which begins on September 5 in Poland, is the next tournament organized by FIFA, and UEFA members have announced their boycott of it.
This misstep could prove costly for Infantino, especially after interventions by Lamour and Cordeiro, as FIFA regulations allow the Swiss, who was re-elected by acclamation in 2019 and 2023, another four-year term.
The deadline for nominations for the FIFA presidency falls on November 18, exactly four months before the elections in Rabat, Morocco, where FIFA's headquarters are located in Africa.
Infantino's position had seemed secure despite long-standing discontent with his style and previous attempts to impose unpopular projects, but his situation may become more fragile after the failure of the private investment proposal.
The secret behind Infantino's retreat
This retreat comes after two senior FIFA officials criticized the plan yesterday, Friday, with one resigning from his position—Carlos Cordeiro, Infantino's presidential advisor—while the other said staff had been deceived by the project, which must be canceled.
Cordeiro, a former Goldman Sachs banker, said regarding his resignation, in which he urged other senior FIFA staff to speak out publicly: "I cannot stand idly by while FIFA considers selling a stake in the World Cup."
Hours later, FIFA Chief Operating Officer Kevin Lamour issued a statement to the Associated Press, saying FIFA staff had been deceived due to Infantino's lack of transparency in planning the sale over the past months, and that the project must not proceed.
Lamour, a longtime Infantino colleague at FIFA and UEFA, wrote: "It is a one-man project; not only must this project be stopped, but it is now time for football leaders to ask themselves the right questions and make the right decisions."
The 55 UEFA member nations had agreed last Thursday to boycott the World Cup and all other FIFA competitions in protest of the proposal, saying: "Some things are simply more important than being sold."
The European association's statement added: "This is not just a glaring failure of leadership, but an abdication of FIFA's duty as the body responsible for world football."
Later, both the Confederation of North, Central America and Caribbean Association Football (CONCACAF) and the Asian Football Confederation (AFC) also opposed the plan.
