Carlos Cordeiro, a senior FIFA adviser, has resigned in protest over a private equity plan proposed by FIFA President Gianni Infantino. The plan involves spinning off FIFA’s commercial businesses, including the World Cup, into a $20 billion subsidiary with 20% owned by private investors.
Background
Cordeiro, a former Goldman Sachs banker and U.S. Soccer Federation president, had represented FIFA on the White House Task Force for the World Cup. He stated that he opposes the plan unequivocally, calling it a ‘bad deal for football.’ Cordeiro believes that FIFA already has access to significant financial resources, with $15 billion in revenue over the last four years from the men’s World Cup, and that selling a stake in the World Cup would be mortgaging football’s future without justification.
Infantino has proposed the plan, which includes the creation of a new commercial subsidiary with a New York-based investment firm as the ‘anchor investor.’ Cordeiro has urged other senior FIFA staff to speak out against the plan, which he believes should be rejected.
Original reporting: WPBF (Treasure Coast / Hearst) — read the source article.
