A senior adviser to FIFA, Carlos Cordeiro, has resigned with immediate effect due to FIFA President, Gianni Infantino’s intentions to sell a portion of the World Cup.
Cordeiro has stepped down from his role as senior adviser to Gianni Infantino, following contentious plans to sell shares of the World Cup. This week, FIFA has faced significant criticism over proposals to auction shares of some of its most esteemed competitions to the highest bidder.
This initiative was met with strong opposition, with UEFA pledging to boycott FIFA events if the plans move forward. Additionally, CONCACAF, the governing body for football in North and Central America and the Caribbean, expressed that its 41 member associations have ‘rejected’ Infantino’s proposals. The backlash prompted a response from FIFA, asserting that “nobody is selling football.”
In a significant development, Cordeiro has distanced himself from this controversial decision by resigning from his position as Infantino’s adviser. He also issued a critical statement regarding the situation.
His statement read, “As a Senior Advisor to the FIFA President, a former banker, and a lifelong football enthusiast, I cannot remain silent while FIFA contemplates selling a stake in the World Cup. I want to be clear: I had no part in this proposal, and I oppose it without reservation.
“This is detrimental to FIFA’s Member Associations, harmful to football, and poses a threat to the long-term future of the sport. Football has been a cornerstone of my life, and after over 35 years in banking, I comprehend both the value of this asset and the repercussions of relinquishing part of it.
“That is why this proposal must be dismissed. FIFA already possesses remarkable financial resources. The organization holds billions of dollars in reserves and is free of debt. The FIFA President has himself pointed out the $15 billion in revenue expected between 2022 and 2026.
“If Member Associations feel that further investment is necessary for the development of the game, FIFA currently possesses the financial means to offer that assistance from its existing resources. In this context, divesting a permanent stake in football’s most valuable asset to generate $4.2 billion appears illogical.
“This action would be akin to mortgaging the future of football without any substantial justification. The economic success achieved was not by chance; it was the result of skilled football professionals who broke FIFA’s commercial records.
“Despite these accomplishments, FIFA is now being led to believe that external investors are essential to unlock additional value. I do not concur with this assertion. The individuals who contributed to this success have already proven that FIFA has the capability to continue advancing both the sport and its commercial prospects.
“Most concerning is the lack of responses to critical inquiries. Why is this deal necessary? Why is it being proposed at this moment? What oversight is in place? Who stands to benefit? Was there a competitive bidding process? What governance structures will be established? What will investors ultimately receive, and what will be the cost to football?
“These questions remain largely unanswered, yet Member Associations are being urged to make a decision of significant importance within a mere 50 days or risk being left behind. This is not a prudent approach to shaping the future of the global game.
“This proposal has emerged as a pivotal issue for FIFA’s future. After thorough reflection, I can no longer fulfill my duties as Senior Advisor to the FIFA President. Consequently, I have resigned effective immediately.
“FIFA’s obligation is not to maximize commercial profits at any expense. Its duty is to safeguard and enhance football for future generations. When these principles are at odds, the integrity of football must take precedence.
“It has been the privilege of a lifetime to serve FIFA for more than five years and to work alongside dedicated, principled people who care deeply about the game. I hope they, too, will speak up, because decisions of this magnitude should be made in the interests of football, not those who stand to profit from it.”