FIFA says it is scrapping plans to sell off World Cup after outcry

FIFA president Gianni Infantino said on Friday ‌that world soccer's governing body has scrapped plans ​to sell ​stakes in the World Cup ​to private investors ⁠after ⁠widespread ‌backlash.

FIFA's plan was to raise up to $4.2 billion by selling about a 20 per cent 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," Infantino said.

"Our purpose has always been — and ​will always be — to unite and improve. As a result, this proposal will ⁠not proceed."

Plan to sell private stakes in World Cup scrapped: FIFA president | Hanomansing Tonight

FIFA had argued that selling ⁠the minority stake in its commercial operations would raise billions of dollars ‌to fund global sports development and accused the media of mischaracterising the proposal.

Infantino had written to member associations to tell them that they would receive $40 million each if they agreed to FIFA's proposal by Sept. 19.

"Moving forward, my intent is to bring all interested parties back together in the coming days and weeks in the spirit of shared interest in ⁠our game, and with the objective to continue growing football everywhere, particularly in those countries that mostly need our support," Infantino said in Friday's statement.

Opposition to the plan snowballed over the week.

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