CONCACAF has rejected FIFA President Gianni Infantino’s plan to sell minority stakes in a new commercial entity to private investors, citing a lack of transparency, rushed deadlines, and an aggressive financial ultimatum.
FIFA planned to raise up to £3.1bn ($4.2bn) by selling a minority stake in a £15bn ($20bn) commercial subsidiary handling broadcasting, sponsorships, ticketing, and tournament operations.
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Gianni Infantino offered a September 19 deadline with a £30.1m ($40m) payout incentive per member association if backed, or standard funding if rejected.
Reacting to the development, CONCACAF, in a statement issued on Thursday, said it is deeply concerned by FIFA’s proposed private investment plan.
“Concacaf is a confederation united by the love of our game, where football comes first,” it read.
“Guided by this philosophy over the past ten years we have built, from the ground up, an organization founded on service, transparent governance, and the long-term stewardship of football.
“History has shown FIFA and the football family what happens when the custodians of the game lose sight of these values.
“With this in mind, Concacaf today convened a meeting of the presidents of its 41 Member Associations, together with its President, Council members, and its FIFA Council members, to discuss a proposal developed and presented by the FIFA President to establish ‘FIFA Forward Enterprise’ and sell interests in the FIFA World Cup to private investors.
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“During the meeting, the membership expressed deep concerns about the lack of due process surrounding the proposal, the artificially short deadline imposed, and the absence of any review or approval by the relevant FIFA governance bodies.
“In addition, the need for private equity investment to fund new and existing FIFA Forward programs following the most profitable FIFA World Cup in history was questioned.
“The discussion reinforced the need for greater transparency and proper governance.
For these reasons, Concacaf and its 41 Member Associations have: Rejected the proposal.”
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Source: Complete Sports
