FIFA President Infantino Abandons Controversial Private Equity Plan for World Cup Profits
FIFA President Gianni Infantino has decided to abandon his controversial plan to involve private equity in World Cup profits, including a company linked to the Kushner family. This decision follows opposition from various soccer organizations worldwide, prompting Infantino to state that the project no longer serves the original purpose of unity and improvement.
Infantino's proposal to establish a $20 billion company with private investors, including the Kushner family, faced backlash from UEFA, CONCACAF, and the Asian Football Confederation. UEFA emphasized that the FIFA World Cup is a fundamental part of football and should not be commercialized.
Senior adviser Carlos Cordeiro, who represented FIFA on the White House Task Force for the World Cup, resigned in protest against the plan to sell a stake in the World Cup. FIFA's chief operating officer, Kevin Lamour, expressed disappointment in Infantino's lack of transparency and called for the project to be halted.
Infantino's idea to create a subsidiary for FIFA's commercial activities, with private investors owning a portion, faced strong opposition from key stakeholders in the soccer world. The involvement of a New York-based investment firm linked to the Kushner family raised concerns about the integrity of the World Cup.
The repercussions of this failed private equity proposal could impact Infantino's future as FIFA President, especially with upcoming elections on the horizon. Despite being reelected unopposed in 2019 and 2023, Infantino's leadership may face increased scrutiny following this controversial initiative. The soccer community's resistance to commercializing the World Cup highlights the importance of preserving the integrity of the sport.