UEFA threatens FIFA boycott over private investment plan

UEFA's 55 member associations voted unanimously on Thursday to boycott future FIFA competitions if world soccer's governing body proceeds with plans to sell stakes in its tournaments to private investors.

Photo:

EPA/CRISTOPHER TORRES

The decision was taken during an emergency virtual meeting called to discuss FIFA President Gianni Infantino's proposal to create a new commercial entity and sell a minority stake to outside investors, the Reuters news agency reported.

In a joint statement, UEFA said it unequivocally rejected the proposal.

"The World Cup cannot be treated as an investment product," the statement said. "It is one of football's greatest sporting legacies. ... No part of it should ever be surrendered to private investors. The World Cup is not for sale."

UEFA said none of its national teams would participate in FIFA competitions unless the proposal was withdrawn in full and FIFA provided binding assurances that it would not seek to transfer ownership interests in its competitions to private investors in the future.

FIFA announced on Tuesday that it plans to establish a commercial subsidiary, valued at about USD 20 billion, that would oversee its commercial and event operations.

The governing body said it would retain control of the new company while offering a minority stake of up to 20 percent to external investors to raise billions of dollars for football development, according to Reuters.

The proposal must be approved by FIFA's 211 member associations.

If approved, the first FIFA tournament that could be affected by UEFA's boycott would be the Women's Under-20 World Cup, scheduled to begin in Poland in September, Reuters reported.

(gs)

Source: Reuters