UEFA kicks against move to sell 20% World Cup stakes to private investors
The Union of European Football Associations, the official governing body of soccer in Europe has kicked against a proposed move by FIFA president Gianni Infantino to sell 20% World Cup stakes to private investors.
In a statement issued on Tuesday, Infantino informed that a $20 billion subsidiary would be created to run the World Cup and other events organized by FIFA.
The statement further revealed that FIFA would retain a majority share in the new FIFA Forward Enterprise, offering minority stakes to external investment to raise up to $4.2bn.
“Football is the world’s most popular sport,” Infantino said in a statement.
“Parts of the game have turned that popularity into remarkable commercial value – and we celebrate that success and want it to continue, because it lifts the whole game.
“Our job is to make sure the rest of football grows with it: FIFA exists to support sustainable, inclusive development in every corner of the world.
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“Retaining sole control of the subsidiary, will make FIFA retain authority over football governance, competitions, match calendars and regulatory and sporting decisions.” The statement added.
The move has however, been kicked against by UEFA which said that the proposed move crosses a line that football’s governing institutions should never cross.
“This crosses a line that football’s governing institutions should never cross. UEFA takes it extremely seriously.
“So should every National Football Association. So should every stakeholder: leagues, clubs, players, supporters, governments and everyone who cares about the future of the game.
“The soul and governance of football are not assets to trade – especially with zero transparency as to who gains financially. None of us are the owners of football. It is not FIFA’s to sell.” The statement by UEFA read in full.
The plan which still needs to be voted on by FIFA’s 211 member nations, now deepens the divide between FIFA and UEFA, with Europe positioning itself as football’s custodian, while FIFA, says it is focused on broadening its financial base.
