FIFA President Gianni Infantino has abandoned his controversial plans to sell a 20% stake in a new economic entity to private investors following widespread backlash.
Infantino had earlier in the week introduced the FIFA Forward Enterprise project intended to unlock a $40 million payment to member associations in the long run.
However, Regional associations including UEFA, the Asian Football Confederation and CONCACAF vehemently rejected the initiative with other football stakeholders also expressing concerns.
In a statement announcing the initiative’s suspension, the FIFA President noted the “FIFA Forward Enterprise project was intended to provide a basis for further strengthening our FIFA Member Associations and our sport worldwide, especially in those countries where support is most needed.
“And more so, as we said from the outset, to do this only if a majority of the FIFA Member Associations were in support and always subject to a consultation process with them, the FIFA Council, the Confederations and wider stakeholders.
“Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place.
“As a result, this proposal will not proceed.” The statement read.
