FIFA’s controversial plans to sell a stake in the commercial future of the World Cup have taken another dramatic twist after confidential documents revealed the governing body wants billions of pounds from private investors within the next three months.
The ambitious proposal, spearheaded by FIFA president Gianni Infantino, would see the organisation raise around £3.1billion ($4.2bn) by selling a 20 per cent stake in a newly-created subsidiary known as FIFA Forward Enterprise (FFE).
According to documents seen by Sky News, FIFA is targeting completion of the deal by the end of October, despite telling its 211 member associations that a consultation process over the proposal has only recently begun.
The accelerated timetable has intensified concerns among football’s leading governing bodies, with critics accusing FIFA of pushing through one of the most significant financial restructures in the sport’s history without adequate consultation.
Under the proposed schedule, investors would submit binding bids before agreements are finalised and billions transferred to FIFA before October draws to a close.
The governing body has also sought to persuade national associations to back the plans by highlighting the financial rewards on offer.
A presentation circulated to members states that participating associations could receive up to £65m ($86m) over the next 12 years, while the additional investment would also allow FIFA to “attract top talent with incentive-driven compensation.”
The proposal has already triggered fierce opposition across European football.
FIFA’s controversial plans to sell a stake in the commercial future of the World Cup have taken another dramatic twist after confidential documents revealed the governing body wants billions of pounds from private investors within the next three months
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UEFA launched a scathing attack on the plans, claiming they represent a step too far for football’s governing institutions.
The organisation said: “The proposal crosses a line that football’s governing institutions should never cross.”
Concerns extend beyond the sale itself, with many associations unhappy over what they believe has been a lack of transparency surrounding the project.
In a strongly-worded letter seen by the broadcaster, Asian Football Confederation president Sheikh Salman bin Ebrahim Al Khalifa criticised FIFA’s handling of the process.
FIFA and Gianni Infantino have come under fire amid their radical plan | GETTY
“I have not received any detailed governance, financial or legal analysis of the proposal and its potential repercussions, which is totally unacceptable,” he wrote.
He added: “The AFC is deeply concerned that FIFA’s unilateral actions appear to undermine the very foundations of continental football, which are based on solidarity, cooperation and transparency.
“Moreover, such an initiative will not succeed without the support of all the confederations, which is not the case now.”
The AFC chief also questioned the speed with which associations are expected to make such a significant decision.
“The AFC is also surprised that the current timeline allows an extremely limited period for consideration of a proposal of such significance, when such decisions should never be rushed, and it is imperative that all factors be considered and debated,” he added.
Several European football associations have discussed the possibility of boycotting future World Cups if the plans proceed.
The Football Association has already expressed concern, saying it is “deeply concerned about the lack of process and governance to get to this point, and the apparent substance and principles involved”.
FIFA’s plans have caused fury with UEFA and the FA condemning their proposal
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The long-term success of FIFA Forward Enterprise could depend on further expansion of FIFA competitions.
While the organisation has said the subsidiary will oversee the regulation and definition of competitions, internal documents reportedly reference “competition enhancement” and state that “commercial optimisation will unlock the next era of growth.”
Infantino has already expressed support for expanding the men’s World Cup to 64 teams despite only recently increasing the tournament from 32 to 48 nations.
The FIFA president is reportedly working alongside JPMorgan and entrepreneur Joshua Kushner as preparations for the ambitious investment venture continue.
