Fifa’s $20bn commercial spin-off at risk as Europe unites behind World Cup boycott

{"text":[[{"start":11.28,"text":"Fifa’s plan to spin out a new $20bn commercial entity and sell a stake to investors is at risk of unravelling after European countries said they would boycott the next World Cup and their counterparts in North America, Central America and the Caribbean publicly rejected the proposals."}],[{"start":28.909,"text":"Uefa, which governs football in Europe, said on Thursday that its 55 members had unanimously agreed not to take part in any Fifa competition in response to the planned stake sale, which was announced on Tuesday."}],[{"start":42.165,"text":"“The World Cup cannot be treated as an investment product,” Uefa said in a statement. “No part of it should ever be surrendered to private investors.”"}],[{"start":49.92,"text":"Concacaf, its North America counterpart, then came out against Fifa’s plans, saying it was committed to “service, transparent governance and the long-term stewardship of football”."}],[{"start":60.284,"text":"“History has shown Fifa and the football family what happens when the custodians of the game lose sight of these values,” it added, alluding to the 2015 corruption scandal that threatened Fifa’s existence."}],[{"start":71.843,"text":"Concacaf also questioned the need for outside capital in football and said it would push Fifa to explore using its existing funds to give more money to members."}],[{"start":null,"text":"

"}],[{"start":81.2,"text":"Fifa president Gianni Infantino has been pushing a plan to sell off 20 per cent of a new venture valued at about $20bn. World football’s governing body said it planned to use the proceeds to funnel payments to its 211 member associations, including $20mn each upfront, subject to a vote on September 19."}],[{"start":100.605,"text":"Thrive Eternal, a fund run by Joshua Kushner, brother of US President Donald Trump’s son-in-law Jared, has been lined up as the lead investor."}],[{"start":109.12,"text":"However, the response from Uefa and Concacaf leaves those plans in serious doubt, with the two confederations representing close to half of Fifa’s membership. Both announced their positions following emergency meetings on Thursday afternoon."}],[{"start":122.32,"text":"Opposition to Fifa’s plans has been growing since they were unveiled on Tuesday, with domestic leagues, fan groups, players’ unions and lawmakers on both sides of the Atlantic also voicing concerns."}],[{"start":133.812,"text":"Uefa, led by Aleksander Čeferin, holds a particularly influential position as its members include many of the world’s strongest footballing nations, including Spain, France and England, without whom a World Cup would be less marketable to investors. European countries have won five of the last six men’s World Cup competitions."}],[{"start":153.2,"text":"Concacaf’s forceful rejection of Fifa’s plan comes just days after three of its members — the US, Canada and Mexico — hosted the men’s World Cup, an event that will bring the governing body more than $15bn of revenue."}],[{"start":167.409,"text":"The next men’s tournament is set to be staged by Spain and Portugal — both Uefa members — alongside Morocco in 2030, while the women’s World Cup is due to take place next year in Brazil, with Spain the reigning champions."}],[{"start":180.75,"text":"Uefa’s boycott is the most serious rupture between the two most powerful governing bodies in football, who have long been at odds over how the game is run. Of the 55 members, 40 spoke during the online meeting, according to a person on the call, with all expressing their backing for the boycott."}],[{"start":196.32,"text":"England’s Football Association said it stood “shoulder to shoulder with our European colleagues and fully support the collective view”."}],[{"start":204.267,"text":"Glenn Micallef, EU commissioner for sport, who this week said Brussels would use its antitrust powers to investigate Fifa’s proposal, also came out in support of Uefa’s statement."}],[{"start":214.92,"text":"He said he was “proud to see Europe’s football associations leading on governance, standing firm on their principles and defending the integrity of the game”."}],[{"start":227.52,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1785460327_2007.mp3"}