European football body, UEFA has said it will boycott all FIFA competitions including the World Cup if FIFA president Gianni Infantino’s plan to raise $20 billion of outside investment with a share sell-off to a private equity group goes ahead.
Infantino revealed plans earlier this week for the sale of a stake in FIFA Forward Enterprises (FFE) that would raise huge funds in exchange for influence over future World Cups including broadcasting and commercial deals linked to the tournament.
The proposal, backed by American investor Josh Kushner and the bank JP Morgan, would trigger over $80 million in payouts to each of FIFA’s 211 member associations between now and 2037. Infantino has set a Sept. 19 deadline for associations to accept the plan.
The proposal has however drawn widespread criticism of the increasing commercialisation of football by Infantino.
In a statement on behalf of UEFA and its 55 national associations, UEFA said: “UEFA and its national associations will not participate in FIFA competitions.
“UEFA and its 55 member associations stand as one. We unanimously and unequivocally reject FIFA’s proposal to transfer ownership interests in the World Cup and other FIFA competitions to private investors.
“The World Cup cannot be treated as an investment product. It is one of football’s greatest sporting legacies. It has been built over generations by players, national teams and supporters across every continent. No part of it should ever be surrendered to private investors. The World Cup is not for sale.
“As a result of today’s discussion,” the statement continued, “no UEFA national teams will participate in any FIFA competition for so long as these proposals remain alive, unless this proposal has been abandoned in its entirety and binding assurances have been given that FIFA will never again open its governance or competitions to private ownership.” The statement read.
