UEFA threatens World Cup boycott over FIFA private equity plan

Football's European governing body UEFA has threatened to boycott future World Cups if world governing body FIFA proceeds with a proposal to sell stakes in its competitions to private investors.

Photo:

EPA/CRISTOPHER TORRES

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

In a joint statement, UEFA's 55 member associations said they unequivocally rejected the proposal.

'World Cup is not for sale'

"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UEFA said none of its member associations would participate in FIFA competitions unless the proposal was withdrawn in full and FIFA provided binding assurances that it would not seek to sell stakes in its competitions to private investors in the future.

FIFA announced on Tuesday that it planned to establish a USD 20 billion subsidiary to oversee its commercial and event operations.

The organisation said it would retain control of the new company while offering a minority stake of up to 20 percent to outside 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 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