FIFA President Gianni Infantino announced on Friday that the governing body has shelved plans to bring private investors into a new commercial subsidiary overseeing the World Cup, saying the proposal had “created divisions.
The FIFA Forward Enterprise (FFE) project was unveiled earlier this week as a vehicle for managing the World Cup, Club World Cup, and other competitions. FIFA proposed selling more than a 20% stake in the new business, valued at $20 billion, in a move that could have raised up to $4.2 billion.
“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,” Infantino wrote on X.
ALSO READ: World Cup not for sale, UEFA chide Infantino over proposal
“Our purpose has always been—and will always be—to unite and improve,” he added. “As a result, this proposal will not proceed.”
In an earlier statement on Friday, FIFA said it remained committed to consulting its 211 member associations on the FIFA Forward Enterprise proposal, stressing that the initiative was designed to expand football development funding while keeping FIFA in full control of governance, competitions and sporting decisions.
