ALBAWABA - Carlos Cordeiro, a senior adviser to FIFA President Gianni Infantino, has resigned with immediate effect in protest at a proposal to sell an interest in the economic rights of the FIFA World Cup, believing that the idea will undermine the future of the sport.
Cordeiro said he was not involved in the plan and could not support FIFA’s contemplation of selling part of what he called football’s most valuable asset. He said the scheme was “a bad deal for football” and would not be in the long-term interests of FIFA or its member associations.
The idea would set up a new $20 billion firm, FIFA Forward Enterprise, to run the World Cup and other FIFA contests. The plan would give private investors a chance to buy up to a 20% stake, raising around $4.2 billion.
‘We are questioning the need for the transaction,’ Cordeiro said. FIFA already has billions of dollars in financial reserves, no debt and is likely to produce roughly $15 billion in revenue during the 2022-2026 cycle, he said.
His resignation follows pressure on FIFA’s 211 member associations to determine by a September 19 deadline whether to support the idea. Cordeiro said the process could leave little room for associations to resist the plan.
Cordeiro, a former investment banker and ex-vice president of the U.S. Soccer Federation, joined FIFA in 2021 to assist on strategic initiatives to grow and modernize the global game. His departure is one of the most prominent internal protests against FIFA’s proposed commercial overhaul of the World Cup.
