FACTBOX-Soccer-Timeline of FIFA's stake sale plan: from proposal to dismissal under opposition

FIFA president Gianni Infantino has scrapped plans to sell 20% stakes in a subsidiary running FIFA competitions, following opposition from UEFA and other continental bodies.

FIFA president Gianni Infantino has scrapped a plan to sell 20% stakes in a subsidiary that would run all its competitions, including the ​World Cup, in a move that faced widespread opposition from continental bodies, including UEFA. The move came after ​UEFA member associations voted unanimously to boycott all FIFA tournaments in protest, ‌while ​the Asian and North American confederations expressed solidarity with the European countries.

Here is a timeline of events: July 28: FIFA said it wanted to create a $20 billion subsidiary to run the World Cup and other competitions organised by the global soccer body, and raise $4.2 billion by selling 20% stakes to external investors.

July 28: UEFA criticised the ‌move in a strongly worded statement, saying FIFA's proposal "crosses a line that football's governing bodies should never cross". "None of us are the owners of football. It is not FIFA's to sell," the European soccer body added.

July 29: North American soccer body CONCACAF said it was not consulted before FIFA came up with the proposal. "CONCACAF was only made aware of this matter through media reports and, subsequently, via a media release. We are deeply concerned by the lack of ‌due process," CONCACAF said in a statement.

July 29: The Asian Football Confederation said it was disappointed that a proposal of such magnitude had been introduced before member confederations had the chance to examine the plan. "Such initiatives ‌should be founded upon the principles of good governance, transparency and meaningful consultation," the AFC said.

July 29: The Times reported that Infantino had sent a letter to all member associations saying they would receive 40 million dollars each if they agreed to the proposal by September 19. However, if they rejected the package totalling 10 billion dollars, which would be available from January 1 next year, it would be reduced to the 2.7 billion that was previously on offer.

July 30: UEFA nations held a virtual emergency meeting and unanimously voted to boycott the World ⁠Cup and ​other FIFA competitions in protest over the proposal. "The World Cup ⁠cannot be treated as an investment product. It is one of football’s greatest sporting legacies. It has been built over generations by players, national teams and supporters across every continent. No part of it should ever be surrendered to private investors. The World Cup is not ⁠for sale," UEFA said in a statement.

July 30: CONCACAF also held a meeting, where it rejected FIFA's stake sale proposal, while the Mexican Football Federation said it would study the proposal before deciding its position. "The discussion reinforced the need for greater transparency and ​proper governance. For these reasons, CONCACAF and its 41 Member Associations have: Rejected the proposal," CONCACAF said in a statement.

July 30: Sheikh Salman bin Ebrahim Al-Khalifa, president of the AFC, branded FIFA's lack ⁠of consultation over its plan "totally unacceptable." "The AFC is deeply concerned that FIFA's unilateral actions appear to undermine the very foundations of continental football, which are based on solidarity, cooperation and transparency," he wrote in a letter to the Asian body's 47 member associations.

July 31: FIFA said it would ⁠move ​forward with the consultation process for the stake sale. "Our planned consultation process was disrupted by incorrect media reports. We will proceed with this consultation process to ensure that each MA (member association) has the ability to express its vote based on facts," FIFA said in a statement.

July 31: The AFC backed UEFA and CONCACAF's opposition to FIFA's proposal, saying it "stands in solidarity" with the European and North American bodies. "The fact that the situation has reached ⁠the point where the real possibility of a FIFA World Cup boycott has entered public discourse should concern everyone who cares about the future of our game. Football should never have been placed in such a ⁠position," it added.

July 31: Infantino's senior adviser Carlos Cordeiro resigned in ⁠protest at the proposal, calling it "a bad deal for football." "Let me be clear: I had no involvement in this proposal, and I oppose it unequivocally," he added.

July 31: Infantino said FIFA had scrapped the plan. "Having 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," he said in a statement. (Compiled ​by Chiranjit Ojha in Bengaluru; editing by Clare Fallon)