Source : INDIA TODAY NEWS
FIFA has abandoned its controversial proposal to sell a stake in its commercial business after facing strong opposition from member associations, particularly UEFA.
The governing body had planned to raise up to 4.2 billion US dollars by selling around a 20 per cent stake in a new commercial unit that would manage FIFA’s major tournaments, including the men’s and women’s World Cups. The proposal valued the business at around 20 billion US dollars.
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However, the plan triggered widespread criticism, with UEFA accusing FIFA of putting the sport’s “soul” up for sale. European football’s governing body even threatened to boycott the proposal, arguing that football’s biggest competitions should not be controlled by outside investors.
In a statement on Friday, FIFA president Gianni Infantino confirmed the governing body would not move forward with the project.
“Having listened carefully to all the views, it has become clear that the project has created divisions that are no longer in the interest of the objective set out in the first place,” Infantino said. “Our purpose has always been – and will always be – to unite and improve.”
The decision came on a turbulent day for FIFA. Earlier on Friday, Infantino’s senior adviser Carlos Cordeiro resigned with immediate effect, calling the investment proposal “a bad deal for football.”
FIFA also faced criticism from within its own ranks, with chief operating officer Kevin Lamour reportedly saying staff had been “deceived” by Infantino and describing the proposal as “a project of one person.”
British Prime Minister Andy Burnham also weighed in, telling reporters that Infantino was “the wrong man to lead the organisation.”
The withdrawal of the proposal marks a significant setback for FIFA after just days of intense opposition from across the football world.
(more to follow)
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SOURCE :- TIMES OF INDIA
