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ZURICH, July 29 : Former FIFA President Sepp Blatter on Wednesday slammed the football governing body's plans to create a $20 billion subsidiary to run the World Cup, saying the tournament was not a commercial asset that belonged to a few executives.
July 29 : FIFA's proposal to sell stakes in a $20 billion commercial subsidiary has drawn strong criticism from soccer's regional confederations, which said they were blindsided by the world governing body's plan to bring private investors into the sport.
FIFA president Gianni Infantino set a Sept. 19 deadline on Wednesday for the 211 member federations to approve his proposed private investment plan, which would give each association access to up to $40 million in funding.
KUALA LUMPUR: The Asian Football Confederation said on Wednesday (Jul 29) it was disappointed after FIFA confirmed plans to sell stakes in its major competitions, saying it was not consulted before the decision was made public.
July 29 : FIFA said on Tuesday that it plans to create a $20 billion subsidiary to run the World Cup and its other events and will offer stakes of up to 20 per cent in it to external investors.
July 29 : FIFA's bombshell proposal to sell stakes in a $20 billion commercial subsidiary has drawn strong criticism from soccer's regional confederations, which said they were blindsided by the world governing body's plan to bring private investors into the game.
July 29 : The Confederation of North, Central American and Caribbean soccer (CONCACAF) said on Wednesday that it had not been informed of FIFA's proposed sale of equity to outside investors and was "deeply concerned" over a lack of due process.
MELBOURNE, July 29 : FIFA’s push to open the World Cup to private equity marks a dramatic attempt to reshape the commercial landscape of global soccer, while opening a new front in a long-running battle with Europe for power and control over the massive wealth generated by the sport.