Fifa says that "nobody is selling football" as it vowed to continue with the controversial plan to sell stakes in its competitions to private investors. FIFA said it would move forward with its consultation process to bring private investment into the World Cup and its other tournaments in defiance of a fierce UEFA-led backlash against the proposal. On Friday, FIFA added it “acknowledges and respects feedback and concern aired in public” but was pressing on with its proposals, adding that the body “reaffirms its commitment to an open and democratic consultation”.
FIFA has said the new subsidiary, to be known as FIFA Forward Enterprise (FFE) would be valued at $20 billion and that it would aim to raise up to $4.2 billion "this year" by "carefully selecting long-term investors who will purchase minority, non-controlling interests" in the company. Thrive Eternal, an investment fund run by Joshua Kushner-founded Thrive Capital, is expected to lead the proposed investor group, FIFA said. A press release from FIFA said it was seeking to sell up to 21 per cent of FFE, aiming to bring in $4.2billion (£3.2bn).
European nations agreed to boycott all FIFA competitions, including the World Cup, after an emergency meeting on Thursday resolved to "unequivocally reject" FIFA president Gianni Infantino's plan to sell stakes in the World Cup to a private equity group. The decision of UEFA's 55 members means that major nations including Germany, France, England and world champions Spain would not participate in the men's or women's World Cups as long as FIFA's proposal remains active. "This is not merely a profound failure of leadership, but an abdication of FIFA's duty as the custodian of world football," said UEFA, where Infantino was a longtime staffer and its CEO-like general secretary when he was first elected to lead FIFA in 2016.
UEFA’s statement says: “The World Cup cannot be treated as an investment product. “It is both irresponsible and indefensible that a proposal of such significance for football was conceived in secret and brought to the brink of approval without any meaningful consultation with those entrusted with stewarding the game. This is not merely a profound failure of leadership, but an abdication of FIFA’s duty as the custodian of world football.” After UEFA threatened to boycott future World Cup tournaments, the English Football Association said in a statement: ‘We stand shoulder to shoulder with our European colleagues and fully support the collective view. We oppose FIFA’s plans – the FIFA World Cup belongs to football and always will.’