'A bad deal for football': FIFA adviser Cordeiro resigns over Infantino's proposal
New York, July 31
Senior FIFA adviser Carlos Cordeiro has resigned from his advisory role, distancing himself from FIFA's proposal to introduce private investment into its flagship competitions and declaring that he had "no involvement" in the plan.
Cordeiro, the former president of the U.S. Soccer Federation, announced his resignation through a public statement in which he opposed FIFA's proposal to establish a commercial subsidiary that would raise billions of dollars by selling minority stakes to private investors.
"I cannot stand by while FIFA considers selling a stake in the World Cup," Cordeiro said as quoted by Sky Sports.
The former FIFA adviser also sought to clarify his position on the proposal, stating, "Let me be clear. I had no involvement in this proposal, and I oppose it unequivocally."
FIFA's plan involves the creation of FIFA Forward Enterprise, a commercial entity that would manage the governing body's commercial rights, including those linked to the men's and women's FIFA World Cups and the FIFA Club World Cup. The governing body has said the initiative would help generate additional funds for football development while allowing FIFA to retain full control over governance and sporting matters.
However, Cordeiro questioned the need for the proposal, pointing to FIFA's existing financial position.
"Football has been central to my life, and after more than 35 years in banking, I understand both the value of this asset and the consequences of giving part of it away. That is why this proposal should be rejected. "FIFA already has access to extraordinary financial resources. The organisation sits on billions of dollars in reserves and no debt," he said.
According to him, selling a permanent ownership interest in football's premier competitions to raise fresh capital was unnecessary.
"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," he said.
Cordeiro's resignation comes amid mounting opposition to FIFA's commercial restructuring proposal. UEFA has already announced that its 55 member associations will boycott FIFA competitions while the proposal remains active, while the Asian Football Confederation (AFC) and CONCACAF have also raised concerns over the governance and consultation process surrounding the plan.
— IANS
Reader Comments
As someone who follows football internationally, this is worrying. The World Cup belongs to the fans, not private equity firms. Respect to Cordeiro for taking a stand when it would have been easier to stay quiet.
India has been fighting for better football infrastructure for years, and now FIFA wants to commercialize everything? This won't help developing nations - it'll just make the rich clubs richer. Very disappointing to see Infantino's priorities.
I admire Cordeiro's courage. He's been in banking for 35 years and knows exactly what this means - FIFA is basically mortgaging the future. The fact that UEFA and AFC are also opposing this shows how bad the proposal really is. #FootballOverMoney
FIFA needs serious reform, not more privatization. If they really cared about football development, they'd already be using their existing billions to help countries like India, China, and Africa build grassroots programs. This just feels like another money grab.
The AFC's concerns are completely valid. How can they 'consult' with member associations after already making the decision? Classic FIFA move - announce first, ask questions later. Cordeiro resigning is the right call. 👏
E Emma D I'm just here for We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.