UEFA threatens World Cup boycott over FIFA stake-sale plan
What's new: FIFA aims to raise $4.2 billion for a World Cup unit valued near $20 billion despite opposition from UEFA and Concacaf.
FIFA’s plan to sell a minority stake in a new World Cup commercial unit drew escalating backlash, with UEFA threatening to boycott FIFA competitions if the deal goes ahead. The proposed subsidiary, FIFA Forward Enterprise, would control the business side of the World Cup, and FIFA is seeking about $4.2 billion from outside investors at a valuation near $20 billion. CNBC reported Joshua Kushner’s Thrive Capital has backed the plan. FIFA said member associations will vote on the proposal and argued no single confederation speaks for all 211 members. Concacaf also rejected the move, while Carlos Cordeiro, a senior adviser to Gianni Infantino, resigned in protest.