<\/p>\n
FIFA said Tuesday it plans to sell a stake in the business operations of the World Cup and its other competitions through the creation of a semi-private subsidiary.<\/p>\n
World football\u2019s governing body said it would retain a majority share in FIFA Forward Enterprise (FFE) but hoped to raise $4.2 billion later this year by \u201ccarefully selecting long-term investors who will purchase minority, non-controlling interests\u201d.<\/p>\n
\ufeffGet all the latest football news, highlights and analysis delivered straight to your inbox with Fox Sports Sportmail. Sign up now!!!<\/a><\/i><\/b><\/p>\n FIFA\u2019s statement was a rapid response to a story in British newspapers The Times and The Financial Times based on leaks of the plan from two sources.<\/p>\n The Times reported that FIFA president Gianni Infantino, 56, stood to profit from the scheme by becoming commissioner of the FFE after his expected next term expires in 2031. FIFA denied that this had been discussed.<\/p>\n The news comes after Infantino attacked World Cup critics<\/a> in a staggering 887-word, 15-page rant on Instagram a day earlier.<\/p>\n The article also said discussion had started with financial advisers and potential investors.<\/p>\n Those include Thrive capital, an investment company founded and led by Joshua Kushner, brother of US President Donald Trump\u2019s son-in-law Jared, as well as an arm of JP Morgan Chase, the US bank that attempted to finance the failed breakaway European Super League.<\/p>\n Sepp Blatter, Infantino\u2019s disgraced predecessor, drew attention to the American connection.<\/p>\n \u201cThe close relationship between the FIFA President and the US President has reached a financial dimension that is deeply damaging football. No one has the right to sell our game,\u201d the former FIFA president posted on social media.<\/p>\n European football\u2019s governing body UEFA, which has been critical of Infantino, also responded.<\/p>\n \u201cThis crosses a line that football\u2019s governing institutions should never cross. UEFA takes it extremely seriously,\u201d said UEFA\u2019s statement.<\/p>\n \u201cThe soul and governance of football are not assets to trade — especially with zero transparency as to who gains financially. None of us are the owners of football. It is not FIFA\u2019s to sell.\u201d <\/p>\n Off the back of UEFA\u2019s strong statement, Sky News reported that several European nations are threatening to boycott the World Cup.<\/p>\n Next year\u2019s women\u2019s event is in Brazil and boycotts could be on the cards if the anger towards FIFA continues.<\/p>\n The national bodies are set to meet on Thursday to determine how they will react.<\/p>\n A source summed up the mood to the The Telegraph by saying a \u201cnuclear bomb\u201d had gone off in football.<\/p>\n The plan would still have to be approved by the 38-member FIFA council an the majority of the MAs. FIFA said it intends to present the plans to the council soon.<\/p>\n FIFA said in its statement that it \u201cwould retain sole control of FFE and exclusive authority over football governance, competitions, match calendar, and all regulatory and sporting decisions\u201d.<\/p>\n It said it believed FFE would achieve an \u201cinitial equity valuation of $20bn\u201d. FIFA said each of its 211 member associations (MAs) would be given the chance to take a one-off stake of 20mn dollars in FFE.<\/p>\n That represents only 0.1 per cent of the total, but would be a significant sum for the leaderships of FIFA\u2019s poorer or smaller members.<\/p>\n \u201cTogether with other existing FIFA programs, these investments could bring FIFA\u2019s total planned development funding to more than $10 billion over the next four years,\u201d FIFA said.<\/p>\n British Prime Minister Andy Burnham, an Everton fan, decried the plan saying football was not a product in a post on X.<\/p>\n \u201cFootball does not belong to investors. It belongs to the people who fill the stands and who stand on the touchline week in, week out, rain or shine. The World Cup is not a product. It is the greatest competition in world sport, and it was never anyone\u2019s to sell. Dress the deal up however you like. Once you have sold a piece of it, you have sold out. Football belongs to the fans. It always has, and it always will,\u201d he wrote.<\/p>\n READ MORE<\/b><\/p>\n \ufeff\u2018Enormous stain on football\u2019: FIFA boss attacks WC critics in \u2018world class tantrum\u2019<\/a><\/i><\/b><\/p>\n Transfer Latest \u2014 $39m-a-year deal that could rock PL; record at risk again in Reds blockbuster<\/a><\/i><\/b><\/p>\n