FIFA vows to go ahead with private investor proposal

PARIS: World football’s governing body FIFA vowed on Friday to press ahead with an “open and democratic” consultation on a proposed private investment plan despite widespread opposition to the proposal.
That opposition included a pledge by Europe’s governing body UEFA to boycott the World Cup if FIFA went ahead with its private investor plan.
FIFA said in a statement all of its member associations should have a chance to consider the plan.
“Nobody is selling football,” it said.
“This is not something FIFA would ever entertain.”
It also said it had heard feedback from UEFA and CONCACAF, the governing body for football in North and Central America, which said all 41 of its member associations had rejected FIFA’s proposal to sell a stake in the business operations of the World Cup.
The world body also said its planned consultation process had been “disrupted by incorrect media reports.”
“We respect the feedback and concern aired in public and reaffirm our commitment to an open and democratic consultation,” FIFA’s statement said.
“We will proceed with this consultation process to ensure that each (member association) has the ability to express its vote based on facts,” it said.
FIFA has said the plan it announced on Tuesday could raise up to $4.2 billion based on a valuation of $20 billion for the FIFA Forward Enterprise (FFE), the commercial subsidiary it proposed to run events such as the World Cup and Club World Cup.
If approved, the project could provide each of FIFA’s 211 member associations with a one-off payment of $20 million in early 2027 and increase their funding allocation for the 2027-2030 cycle from $8.0 million to $20 million.
Private investors would be allowed under the proposal to acquire stakes in the