UEFA Criticizes FIFA Over Deadline for World Cup Stake Sales
The Union of European Football Associations (UEFA) has sharply criticized the plan by the International Football Federation (FIFA) to sell stakes in the World Cup to private investors.
“FIFA cannot continue to use our sport to enrich itself and its friends,” UEFA stated, accusing FIFA President Gianni Infantino of pressuring national football associations to support the initiative and setting deadlines.
On Tuesday, FIFA announced its intention to create a subsidiary worth $20 billion to manage the World Cup and other tournaments, offering external investors up to 30% stakes.
According to a letter sent to football associations worldwide, Infantino gave national federations a deadline of September 19, promising a financial bonus of $40 million for early participation in the project.
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UEFA stated that the established deadline “speaks for itself” and that resistance to the plan is growing.
In its statement, UEFA accused FIFA of putting the “soul” of the game up for sale and turning football into a commercial asset.
In developing the proposal, Infantino is working with New York bank JPMorgan, and among potential investors is the Thrive Eternal fund, founded by Joshua Kushner.
FIFA insists that long-term investors will undergo thorough vetting and will receive only minority stakes, with all net profits directed towards the development of football worldwide.
The proposal must now receive approval from 211 national associations – FIFA members. A majority of members' support and approval from the FIFA Council are needed for the initiative to pass.
The plan has sparked negative reactions across Europe, with several football associations accusing Infantino of blurring the lines between football, politics, and private business.
“We were completely unaware of this proposal and have no substantive information about it,” stated the Football Association of England, the oldest national football association in the world.
The European Commissioner for Sport, Glenn Micallef, supported UEFA, warning that “endless commercialization of football has become corrosive,” while the new Prime Minister of the United Kingdom, Andy Burnham, stated that the World Cup is “not a commodity” for sale.
