Fifa issues apology over failed privatisation plan

 Football's governing body acknowledges errors after the proposal was leaked to media while reaffirming support for president Gianni Infantino.

Fifa leadership issued an apology over the controversy surrounding a plan to open the World Cup to private investment. (EPA Images pic)

PARIS:

Fifa’s leadership apologised on Wednesday following the controversy over the plan to open the World Cup to private investment while reaffirming its “full support” for president Gianni Infantino.

In a statement, Fifa’s leadership acknowledged “that errors were also made after the proposal was leaked to media”.

“Following a meeting in Rabat, Morocco, the Fifa secretary general and members of the Fifa management board in attendance reaffirmed their full support for Fifa president Gianni Infantino, as the only official elected by the 211 Fifa Member Associations,” the statement added.

Infantino has come under increasing pressure, even from within his organisation, over his handling of the proposal, and calls for him to step down have grown since he abandoned it last Saturday.

Fifa floated the plan, saying it could raise up to US$4.2 billion based on a valuation of US$20 billion for a new commercial subsidiary, called the Fifa Forward Enterprise (FFE), which it proposed would run events such as the World Cup and Club World Cup.

It said that, if approved, the project could provide each of Fifa’s 211 member associations with a one-off payment of US$20 million in early 2027, and increase their funding allocation for the 2027-2030 cycle from US$8 million to US$20 million.

Instead of acting as a sweetener it produced a furious backlash, with European football’s governing body Uefa resorting on Thursday to the nuclear option of boycotting the sport’s jewel in the crown, the World Cup.

By Saturday, Infantino held his hands up and withdrew the plan.

“Our purpose has always been – and will always be – to unite and improve,” said Infantino. - FMT