FIFA has abandoned its controversial proposal to sell stakes in its major competitions after widespread opposition from its member associations.
FIFA President Gianni Infantino announced that the plan would no longer go ahead, saying it had become clear the proposal had “created divisions” and was “no longer in the interest” of its original objective.
The FIFA president had proposed selling a 20% stake in a newly created commercial entity overseeing the World Cup, with the goal of raising $4.2 billion (€3.6 billion). The leading candidate to acquire the stake was Thrive Eternal, the investment fund founded by Joshua Kushner, brother of Jared Kushner, the son-in-law of U.S. President Donald Trump.
The decision to scrap the proposal follows strong resistance from member associations, bringing an end to one of the most controversial governance initiatives in FIFA’s recent history.