July 31 (UPI) — Carlos Cordeiro resigned as a FIFA senior adviser to protest a plan to sell stakes in the World Cup and other competitions to private equity investors, he announced Friday.
The former United States Soccer Federation president said he “had no involvement in the proposal,” which he called a “bad deal for football” and the long-term future of the game.
Cordeiro worked closely with FIFA President Gianni Infantino and accompanied him to visit President Donald Trump at the White House. He represented FIFA on the White House Task Force for the 2026 World Cup.
“As a senior adviser to the FIFA president, a former banker and a lifelong football fan, I cannot stand by while FIFA considers selling a stake in the World Cup,” Cordeiro wrote.
“Let me be clear: I had no involvement in this proposal, and I oppose it unequivocally. It is a bad deal for FIFA’s member associations, a bad deal for football and a bad deal for the long-term future of the game.”
The global governing body for soccer announced Tuesday that it was “exploring the concept of bringing together FIFA’s commercial rights.”
FIFA wants to sell one-fifth of the proposed FIFA Forward Enterprises for $4.2 billion to an investor group led by Thrive Eternal. Those funds would be distributed to member associations who opt to participate in the FIFA Fast-Forward Program.
Thrive Eternal is an investment firm formed by Joshua Kushner, the brother of Trump’s son-in-law, Jared Kushner.
Each of the 211 member associations that chooses to participate would receive access to up to $20 million in “one-off capital.” The plan calls for 20% of the $20 billion subsidiary to be owned by private investors.
FIFA released an additional statement Wednesday after strong opposition from its member associations, saying “nobody is selling football.” The wave of opposition included the Union of European Football Associations, which said that none of its 55 national teams would participate in any FIFA competition “so long as these proposals remain alive.”
The Confederation of North, Central America and Caribbean Association Football and the Asian Football Confederation also publicly opposed the proposal.
South American confederation CONMEBOL and the Oceania Football Confederation have yet to announce a position. The Oceania said it will consider the proposal through an August executive committee meeting.
FIFA’s new structure is subject to support of the majority of its member associations. Of its 211, 143 are within UEFA, Concacaf and the AFC.
“FIFA already has access to extraordinary financial resources,” Cordeiro wrote. “The organization sits on billions of dollars in reserves and no debt. The FIFA president himself has highlighted the $15 billion in revenues generated between 2022 and 2026.
“If member associations believe additional investment is needed to develop the game, FIFA already has the financial capacity to provide that support from its existing resources.
“Against that backdrop, selling a permanent stake in football’s most valuable asset to raise $4.2 billion makes little sense. It is mortgaging football’s future without any compelling justification.”
Infantino, who has been FIFA president since 2016, is expected to run for reelection, unopposed, in March.