Last week, FIFA announced plans to sell a $20 billion stake in the World Cup to outside investors. The organization is looking for more ways to cash in, working with JPMorgan to raise up to $4.2 billion by selling roughly a 20% stake in a new commercial entity.
But all 55 UEFA member nations are saying the World Cup isn’t for sale. They voted unanimously to boycott FIFA competitions if the sell-off proceeds, starting with next year’s Under-20 Women’s World Cup, the Guardian reports. “Football belongs to the fans, not billionaire investors,” UK Culture Minister Lisa Nandy said in a statement. “It’s time to take a stand to protect our game.”
FIFA president Gianni Infantino is feeling the heat. Support for his re-election next March, previously expected to be uncontested, could now weaken, and sources say the standoff increases the odds of a Europe-backed challenger entering the race.
Last week, FIFA announced plans to sell a $20 billion stake in the World Cup to outside investors. The organization is looking for more ways to cash in, working with JPMorgan to raise up to $4.2 billion by selling roughly a 20% stake in a new commercial entity.
But all 55 UEFA member nations are saying the World Cup isn’t for sale. They voted unanimously to boycott FIFA competitions if the sell-off proceeds, starting with next year’s Under-20 Women’s World Cup, the Guardian reports. “Football belongs to the fans, not billionaire investors,” UK Culture Minister Lisa Nandy said in a statement. “It’s time to take a stand to protect our game.”
FIFA president Gianni Infantino is feeling the heat. Support for his re-election next March, previously expected to be uncontested, could now weaken, and sources say the standoff increases the odds of a Europe-backed challenger entering the race.