FIFA\u00a0has abandoned plans to sell a stake in the commercial business behind the World Cup after opposition from three regional confederations left the proposal without enough support. The reversal places Gianni Infantino under pressure months before nominations close for the next FIFA presidential election.<\/p>\n
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Infantino confirmed the withdrawal in a statement<\/a> issued early on Saturday, four days after reports disclosed plans to bring private investors into a new company responsible for FIFA competitions.<\/p>\n
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<\/p>\n \u201cHaving 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,\u201d he said.<\/p>\n
<\/p>\n \u201cOur purpose has always been, and will always be, to unite and improve. As a result, this proposal will not proceed.\u201d<\/p>\n
<\/p>\n The decision followed resistance from UEFA, CONCACAF and the Asian Football Confederation. Together, the three bodies represent enough national associations to block the plan at a vote of FIFA\u2019s 211 members.<\/p>\n
<\/p>\n UEFA\u2019s 55 associations voted on Thursday to boycott FIFA competitions<\/a> if the governing body continued with the proposal.<\/p>\n
<\/p>\n FIFA needed at least 106 votes to approve the proposal. UEFA, CONCACAF and the Asian Football Confederation account for 136 associations if each member follows its regional body\u2019s position.<\/p>\n
<\/p>\n FIFA had planned<\/a> to establish FIFA Forward Enterprise, a commercial subsidiary responsible for events including the men\u2019s and women\u2019s World Cups and the Club World Cup. External investors would have held a minority stake while FIFA retained control.<\/p>\n
<\/p>\n FIFA sought to raise up to $4.2 billion by selling about 20 per cent of the company, placing its value at about $20 billion. FIFA presented the project as a route to distribute more than $10 billion among national associations over future funding cycles.<\/p>\n
<\/p>\n Infantino offered each association up to $40 million if members backed the proposal. An initial payment of $20 million was linked to a 19 September deadline.<\/p>\n
<\/p>\n UEFA and CONCACAF said FIFA developed the plan without consultation. Both confederations rejected private investment in World Cup rights.<\/p>\n
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