FIFA President Gianni Infantino has described the controversial plan to sell stakes in the World Cup as a "proposal" and "not an obligation," following a furious response from some football authorities.
FIFA had announced plans this week to establish a $20 billion subsidiary for the World Cup and other events, offering up to 20 per cent equity to external investors.
This initiative drew strong criticism from regional confederations, who stated they were "blindsided" by the move to introduce private investment into the sport.
"It’s part of a democratic process – a consultation process – and, above all, it is an opportunity but not an obligation, and, as I said, it kicks off the consultation process," Infantino said in a video provided by FIFA on Wednesday.
"It’s part of a democratic process – a consultation process – and, above all, it is an opportunity but not an obligation, and, as I said, it kicks off the consultation process," Infantino said in a video provided by FIFA on Wednesday.
FIFA is one of the world's wealthiest sporting organisations, generating billions of dollars in revenue, largely from broadcasting rights, sponsorship and other commercial deals linked to the World Cup.
Infantino insisted in his remarks that fans will remain the cornerstone of soccer and that FIFA will continue to govern football without any external interference.
"FIFA obviously continues to govern football without any external interference," said Infantino. "And the flagship tournament it organises, like the FIFA World Cup or the FIFA Women's World Cup, will always remain."
Infantino has warned the leaders of FIFA’s 211 member associations that they could miss out on a $30 million payment if they reject his proposal to sell stakes in the World Cup, and has given them 53 days to decide.
The plan to establish a new subsidiary to oversee the commercial rights and organization of the World Cup and other major tournaments was announced on Tuesday. Infantino confirmed that the company, named FIFA Forward Enterprises (FFE), would allow investment from external partners.
FIFA said the move would help capture more of football’s growing commercial value and direct additional funding into the development of the sport globally.
“Too little of football’s growing commercial value reaches the parts of the game that need it most." Infantino said, adding that unlocking that value would require “additional expertise” separate from its role as football’s governing body.
