Cordeiro, who also represented FIFA on the U.S. government\u2019s World Cup task force for the 2026 tournament, wrote in a statement: \u201cAs a Senior Advisor to the FIFA President, a former banker, and a lifelong football fan, I cannot stand by while FIFA considers selling a stake in the World Cup.<\/p>\n
\u201cI had no involvement in this proposal, and I oppose it unequivocally.<\/p>\n
\u201cFootball has been central to my life, and after more than 35 years in banking, I understand both the value of this asset and the consequences of giving part of it away. That is why this proposal should be rejected.\u201d<\/p>\n
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\n Cordeiro alongside Infantino and President Donald Trump in 2025. (Doug Mills \/POOL \/ AFP via Getty Images)<\/p>\n
FIFA wants to sell a fifth of the new entity, called FIFA Forward Enterprises (FFE), to an investor group led by Thrive Eternal for $4.2billion (\u00a33.1bn). This will then be distributed to those member associations who want to \u201cparticipate\u201d via a new funding scheme called FIFA Fast-Forward Programme (FFFP).<\/p>\n
Cordeiro argued FIFA already has \u201cextraordinary financial resources\u201d, pointing to the $15billion revenue it generated during the 2022 to 2026 World Cup cycle, questioning the need for the sale of a stake in FFE to raise funds.<\/p>\n
\u201cIf Member Associations believe additional investment is needed to develop the game, FIFA already has the financial capacity to provide that support from its existing resources,\u201d he continued. \u201cAgainst that backdrop, selling a permanent stake in football\u2019s most valuable asset to raise $4.2billion makes little sense. It is mortgaging football\u2019s future without any compelling justification.\u201d<\/p>\n
UEFA, Concacaf and the AFC all initially took issue with the consultation process regarding the plans, before announcing their rejections of the proposals on Thursday and Friday. FIFA released a statement on Friday<\/a> insisting \u201cnobody is trying to sell football\u201d but stating it was pressing on with its proposals.<\/p>\n Are FIFA really trying to sell the World Cup? An expert explains<\/p>\n Chris Weatherspoon<\/p>\n Cordeiro was also critical of the transparency of the process and the unanswered questions it raised, which he argued was irresponsible governance. \u201cWhy this deal? Why now? What oversight exists? Who benefits? Was there a competitive process? What governance will be in place? What will investors ultimately gain, and at what cost to football?\u201d Cordeiro wrote.<\/p>\n He continued: \u201cThis proposal has become a defining question for FIFA\u2019s future. After careful consideration, I can no longer continue in my role as Senior Advisor to the FIFA President. I have therefore resigned with immediate effect.\u201d<\/p>\n Cordeiro was appointed senior advisor to FIFA for global strategy and governance in September 2021. He was U.S. Soccer president between 2018 and 2020, before resigning amid backlash during the women\u2019s national team\u2019s equal pay lawsuit.<\/p>\n \u201cIt has been the privilege of a lifetime to serve FIFA for more than five years and to work alongside dedicated, principled people who care deeply about the game,\u201d Cordeiro concluded. \u201cI hope they, too, will speak up, because decisions of this magnitude should be made in the interests of football, not those who stand to profit from it.\u201d<\/p>\n