FIFA Chief Infantino Withdraws $20 Billion World Cup Investment Plan

FIFA President Gianni Infantino has abandoned his plan to sell a stake in the World Cup to private investors after intense pressure from European soccer leaders and other officials. The proposal would have created a $20 billion company to control the commercial rights to FIFA events, mainly the World Cup. In a statement released late Friday, Infantino said it had become clear that the project had created divisions. The plan drew unprecedented backlash, and some members of his team resigned in protest. Critics argued that FIFA's record revenues and multibillion-dollar reserves made outside investment unnecessary. The reversal raises new questions about Infantino's leadership ahead of his reelection bid.