Blatter blasts FIFA’s $20B plan to sell World Cup stakes

Former FIFA President Sepp Blatter on Wednesday sharply criticized the football governing body's plans to create a $20 billion subsidiary to manage the World Cup, calling the tournament a cultural heritage that should not be turned into a commercial asset for private investors.

'Football Belongs to the People'

"Football belongs to no individual and to no institution. It belongs to the people," Blatter told Reuters. The 90-year-old, who led FIFA for 17 years until 2015, said he was shocked by the proposal and would never have considered such a move during his tenure.globalbankingandfinance+1

"If FIFA were transferred into a profit-oriented corporate structure, it would lose its soul," Blatter added. He described the World Cup as "part of the cultural heritage of world football" and insisted that "FIFA is the guardian of the World Cup, not its owner."aljazeera

Blatter's remarks came one day after FIFA announced plans to establish FIFA Forward Enterprise (FFE), a subsidiary consolidating the organization's commercial and event operations. The entity would seek to raise up to $4.2 billion by selling minority stakes of up to 20 percent to external investors.channelnewsasia+1

A Plan Already Under Fire

The proposal, initially reported by The Financial Times and formally unveiled Tuesday by FIFA President Gianni Infantino, has drawn fierce opposition. UEFA accused FIFA of putting football's "soul" up for sale. JPMorgan ↗ 1.78% is serving as financial adviser on the deal, while Thrive Eternal, a permanent capital holding company founded by Joshua Kushner, is expected to lead the investor group. Former Liberty Media ↘ 1.85% CEO Greg Maffei has also been involved as a commercial adviser.dw+3

The backlash has extended beyond football governance. Variety reported that a World Cup boycott has been proposed in response to the plan, while politicians and football authorities across Europe have voiced opposition to what they see as excessive commercialization of the sport.variety

Blatter's Critique Adds to Mounting Pressure

Blatter argued that investors pursuing influence and profits run contrary to FIFA's role as a membership-based association. "The FIFA World Cup is not a commercial asset that belongs to a handful of executives," he said. His intervention adds a high-profile voice to mounting pressure on Infantino's administration, even as FIFA has framed the initiative as advancing the "democratisation of football" through global reinvestment.globalbankingandfinance+1