**FIFA Abandons $20 Billion Stake Sale Amid Global Backlash**
FIFA's ambitious plan to sell a stake in its operations has been scrapped following significant opposition from soccer officials and internal discord among its executives. According to a report by the New York Post, the governing body of world soccer had aimed to raise up to $4.2 billion by offering a 20 percent stake in a newly proposed subsidiary, FIFA Forward Enterprise (FFE), which would have valued the entity at $20 billion. However, the deal is no longer active.
The proposal, which emerged earlier this week, faced immediate backlash, particularly from UEFA, the European soccer governing body. UEFA accused FIFA of jeopardizing the "soul" of the sport by considering such a sale. In a decisive move, UEFA's 55 member nations voted unanimously to boycott all FIFA tournaments, a decision that came shortly after Spain's men's team celebrated their recent World Cup victory.
The internal strife at FIFA became evident when Carlos Cordeiro, a senior advisor to FIFA President Gianni Infantino, resigned in protest against the plan. Additionally, FIFA's Chief Operating Officer, Kevin Lamour, expressed concerns that staff had been misled by Infantino, describing the initiative as a "project of one person."
FIFA had proposed that the new subsidiary, FFE, would oversee the World Cup and other events, but emphasized that "nobody is selling football," asserting that the media had mischaracterized the deal. The organization indicated that it would not proceed with the plan without the backing of a majority of its member associations.
The investment group expected to lead the initiative was Thrive Eternal, a fund managed by Thrive Capital, founded by Joshua Kushner, who is notably the brother of Jared Kushner, the son-in-law of former U.S. President Donald Trump.
In a letter addressed to all member associations, Infantino had promised that each would receive $40 million if they supported the proposal by a specified deadline of September 19. However, the overwhelming resistance from the soccer community ultimately led to the collapse of the plan.
As of now, FIFA has not issued an official statement regarding the cancellation of the stake sale or the subsequent events that unfolded. The organization has faced scrutiny in the past over its governance and financial dealings, and this latest development adds to the ongoing discourse about the future direction of soccer's global governing body.