Carlos Cordeiro, senior advisor to Gianni Infantino, president of the International Federation of Association Football, announced his resignation due to his opposition to plans to sell shares in the World Cup to private sector investors.
Cordeiro, who is 70 years old, held this position for 5 years after a career in investment banking services, before announcing his resignation today, Friday.
Cordeiro described FIFA's plans to launch a football company, through which it would sell rights to some tournaments, as a bad deal for member associations, for football, and for the long-term future of the game.
FIFA had announced last Tuesday its plans to sell a significant minority stake in a new entity it is establishing, as a non-profit organization, to manage its major events, such as the World Cup and the Club World Cup.
The proposals sparked angry reactions, including from UEFA, the Confederation of North, Central America and Caribbean Association Football (CONCACAF), and the Asian Football Confederation, as UEFA threatened to boycott the World Cup unless these plans were abandoned.
Cordeiro wrote in a statement: "As a senior advisor to the FIFA president, a former banker, and a lifelong football lover, I cannot remain silent while FIFA considers selling a stake in the World Cup".
He confirmed that he had no role in this proposal, which is expected to be discussed at the next FIFA General Assembly meeting, noting that he strongly opposes it.
He added: "Football has always been the focus of my life, and after more than 35 years in the banking sector, I fully understand the value of this asset and the consequences of relinquishing part of it. Therefore, this proposal must be rejected".
FIFA wants to sell one-fifth of the new entity, called "FIFA Forward Enterprises", to a group of investors for $4.2 billion, and this amount will be distributed to member associations wishing to participate.
Cordeiro explained that FIFA already has "exceptional financial resources", pointing to the revenues it achieved during the 2022 to 2026 World Cup cycle, which amounted to $15 billion, questioning the feasibility of selling a stake in "FIFA Forward Enterprises" to raise funds.
He continued: "If member associations see the need for additional investment to develop the game, FIFA has the financial capacity to provide this support from its current resources".
He added: "Under these circumstances, selling a permanent stake in football's most valuable asset to raise $4.2 billion seems illogical. It is mortgaging the future of football without any convincing justification".
He continued: "Why this deal? And why now? What oversight is in place? Who benefits? Was there a competitive process? What governance will be applied? What will investors ultimately gain, and what cost will football incur?".
He went on: "This proposal has become a matter of fate for the future of FIFA, and after careful consideration, I can no longer continue in my position as senior advisor to the FIFA president. Therefore, I have submitted my immediate resignation".
Carlos Cordeiro concluded his remarks by saying: "It has been a great honor for me to serve FIFA for more than 5 years, and to work alongside dedicated and principled people who care deeply about the game. I hope they will also raise their voices, because decisions of this magnitude must be made in the interest of football, not in the interest of those who will benefit from them".
