Soccer-FIFA scraps World Cup sell-off plan after resistance from members

FIFA has abandoned its plan to sell a 20% stake in a new unit to outside investors, citing divisions and opposition from member associations, including UEFA.

FIFA said on Friday it will not proceed with its ‌proposal to sell a piece of its business empire to outside investors after the project was met with fierce resistance from some of its member associations. FIFA's plan was to raise up to $4.2 ‌billion by selling about a 20% stake in a new unit that would run ‌FIFA events including the World Cup, valuing it at $20 billion.

The proposal, first announced on Tuesday, was strongly opposed by European soccer's governing body, UEFA, which threatened a boycott and accused FIFA of putting the sport's "soul" up ⁠for ​sale. "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," FIFA President Gianni Infantino said in a statement.

"Our purpose has always ⁠been - and will always be - to unite and improve. As a result, this proposal will not proceed." Earlier on ⁠Friday, ​Infantino's senior adviser Carlos Cordeiro resigned with immediate effect, calling the plan "a bad deal for football".

FIFA's Chief Operating Officer Kevin Lamour said staff were "deceived" by Infantino, describing the ⁠proposal as a "project of one person". British Prime Minister Andy Burnham, meanwhile, told reporters on Friday that ⁠Infantino was "the wrong ⁠man to lead the organisation".