RESOLVING THE LEDGER
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See the full story · 1 sourcesFIFA is scrapping its plan to sell a minority stake of its organization , the federation announced in a statement on Friday, July 31.
"Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place," the statement, which is attributed to FIFA president Gianni Infantino, said. "Our purpose has always been − and will always be − to unite and improve. As a result, this proposal will not proceed."
FIFA made the proposal public on Tuesday, July 28, tossing around the idea that it would sell a minority stake of its ownership to private investors in a smaller segment called FIFA Forward Enterprise (FFE). It was hoping to raise $4.2 billion based on a $20 billion valuation.
The idea was for FFE to control much of FIFA's most lucrative enterprises for its tournaments, including the World Cup.
Concacaf released a statement expressing its displeasure at the notion and UEFA said it would boycott all FIFA tournaments until the idea of the sale was squashed.
"The World Cup cannot be treated as an investment product," UEFA said in a statement. "It is one of football’s greatest sporting legacies. It has been built over generations by players, national teams and supporters across every continent. No part of it should ever be surrendered to private investors. The World Cup is not for sale."
Each World Cup costs billions of dollars and the men's tournament this summer was the largest yet with a field of 48 teams playing 104 matches in 16 cities across three countries. The women's competition kicks off next summer with the 2027 World Cup in Brazil.
FIFA's Friday statement that it was terminating the project gave more background on what the FFE was meant to do.
"The FIFA Forward Enterprise project was intended to provide a basis for further strengthening our FIFA Member Associations and our sport worldwide," the statement said, "especially in those countries where support is most needed. And more so, as we said from the outset, to do this only if a majority of the FIFA Member Associations were in support and always subject to a consultation process with them, the FIFA Council, the Confederations and wider stakeholders. ...
"Moving forward, my intent is to bring all interested parties back together in the coming days and weeks in the spirit of shared interest in our game, and with the objective to continue growing football everywhere, particularly in those countries that mostly need our support."
Contributing: Seth Vertelney
This article originally appeared on USA TODAY: FIFA scraps highly-criticized proposal to sell minority stake
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