FIFA has scrapped a controversial plan to sell stakes in the World Cup and its other major competitions to private investors, following widespread opposition that threatened the presidency of Gianni Infantino.
The world football governing body had been considering a proposal by Infantino to create a $20 billion company to manage FIFA's commercial business, covering the men's and women's World Cups and the Club World Cups. Under the plan, private investors would have owned a 20% stake in the new venture.
The proposed anchor investor was a New York-based investment firm founded by Joshua Kushner, the younger brother of Jared Kushner, the son-in-law of U.S. President Donald Trump.
Infantino announced the reversal, saying the plan had created divisions. The climbdown comes after a global backlash from football associations and other stakeholders, with some critics saying the proposal put Infantino's position at risk.