Soccer-Infantino's senior advisor Cordeiro resigns following proposal to sell FIFA stake

Carlos Cordeiro, senior advisor to FIFA president Gianni Infantino, resigned in protest over proposals to sell a stake in the World Cup, calling it "a bad deal for football".

Carlos Cordeiro, senior advisor to FIFA president Gianni Infantino, resigned ​with immediate effect on Friday in protest at ​proposals to sell a stake in the ‌World ​Cup, calling the plan "a bad deal for football".

Cordeiro, a former banker and ex-U.S. Soccer Federation vice president hand-picked to help grow world soccer for FIFA, announced his immediate resignation, ‌saying he could not "stand by while FIFA considers selling a stake in the World Cup". FIFA had proposed creating a $20-billion subsidiary, FIFA Forward Enterprise (FFE), to run the World Cup and its other events, with a stake of up to 20% to be offered ‌to external investors.

"Let me be clear: I had no involvement in this proposal, and I oppose it unequivocally," Cordeiro said ‌in a statement. "It is a bad deal for FIFA's Member Associations, a bad deal for football, and a bad deal for the long-term future of the game."

In his statement, Cordeiro questioned why FIFA would consider raising $4.2 billion by selling part of its "most valuable asset" when the organisation sits on ⁠billions of ​dollars in reserves and has ⁠no debt. His resignation comes as FIFA's 211 member associations face pressure to decide on the controversial proposal by September 19, with Cordeiro saying they "risk being ⁠left behind" if they do not accept it.

"The FIFA President himself has highlighted the $15 billion in revenue generated between 2022 and 2026," ​Cordeiro added, saying FIFA already had the financial capacity to provide additional support to member associations from its existing ⁠resources. "Against that backdrop, selling a permanent stake in football's most valuable asset to raise $4.2 billion makes little sense."

As senior advisor to the FIFA President, Cordeiro's ⁠remit ​was to "advise FIFA on new strategic initiatives to grow the game at all levels". Announcing the appointment in 2021, Infantino had said: "Carlos is the right person to advise us as we modernise our regulatory framework and grow the sport in ⁠ways that advance football for men, women and youth across the globe."

Cordeiro built a long career in business and global investment ⁠banking in Europe, the Middle ⁠East and Africa (EMEA) and across Asia, advising governments and some of the world’s largest international companies. Prior to joining U.S. Soccer, he was a vice chairman at Goldman Sachs and earned ‌an MBA from ‌Harvard Business School.