The body is facing massive backlash for the move
\n PARIS
\nFIFA president Gianni Infantino said Wednesday that the proposed launch of a private subsidiary to expoit the commercial benefits of the World Cup was \u201can opportunity but not an obligation\u201d.
\nIn a video released amid a furious backlash to FIFA\u2019s controversial plans to sell stakes in FIFA\u2019s major competitions, Infantino argued that too little of football\u2019s commercial value reached the parts of the game that need it most.
\nWorld football\u2019s governing body had said Tuesday it would retain a majority share in FIFA Forward Enterprise (FFE) but hoped to raise $4.2 billion later this year by \u201ccarefully selecting long-term investors who will purchase minority, non-controlling interests\u201d.
\nVarious media outlets reported on Wednesday that Infantino had sent a letter to FIFA\u2019s member associations saying they will each receive $40 million if they back the plan \u2014 but they must sign up by September 19.
\n\u201cFIFA Forward Enterprise, or FFE, is actually a proposal, an offer. It\u2019s part of a democratic process \u2013 a consultation process \u2013 and, above all, it is an opportunity but not an obligation,\u201d Infantino said in the video.
\n\u201cIt is a golden opportunity to turbocharge the development of the game globally. But again, it is just an offer, not an obligation.\u201d
\nInfantino insisted the proposal was centred on unlocking \u201cpreviously uncaptured commercial value\u201d and was conditional on a democratic vote of FIFA\u2019s 211 member associations and approval by the 38-member FIFA council.
\n\u201cCapturing that value requires additional expertise, additional insight, distinct from governing and developing the sport,\u201d he said.
\n\u201cIt would simply commercialise and organise all FIFA-owned competitions along with sponsorship, broadcast, licensing and new ventures for the benefit of FIFA\u2019s 211 member associations.\u201d
\nInfantino said the game would not change and the fans would be happier.
\n\u201cFans from everywhere in the world would gain immeasurably from this game-changing potential because it will transform football in their countries,\u201d he said.
\nThe Times \u2014 which broke the original story on Tuesday \u2014 reported Infantino, 56, stood to profit from the scheme by becoming commissioner of the FFE after his expected next term expires in 2031. FIFA denied that this had been discussed.
\nThe article also said discussion had started with financial advisors and potential investors.
\nThose include Thrive capital, an investment company founded and led by Joshua Kushner, brother of US President Donald Trump\u2019s son-in-law Jared, as well as an arm of JP Morgan Chase, the US bank that attempted to finance the failed breakaway European Super League.<\/p>\n","protected":false},"excerpt":{"rendered":"
The body is facing massive backlash for the move PARIS FIFA president Gianni Infantino said Wednesday that the proposed launch of a private subsidiary to expoit the commercial benefits of the World Cup was \u201can opportunity but not an obligation\u201d. In a video released amid a furious backlash to FIFA\u2019s controversial plans to sell stakes […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-559344","post","type-post","status-publish","format-standard","category-sports"],"yoast_head":"\n