00:01Europe's football governing body UEFA has slammed FIFA in a fiery statement released on Tuesday over its proposed plans to
00:07sell stakes in the World Cup to private investors.
00:11FIFA unveiled its plan to set up a company to run its tournaments, named the FIFA Forward Enterprise, which would
00:17raise money from what it said would be carefully selected investors to run its world-renowned tournaments.
00:22The plan will see FIFA raise up to $4.2 billion this year from various entities including Thrive Eternal, a
00:30firm launched by Joshua Kushner, whose brother Jared is U.S. President Donald Trump's son-in-law.
00:36FIFA says its plans will eventually see it raise around $20 billion, which would be used to fund football development
00:43programs across its 211 national federation members.
00:47UEFA said the plans to privatize the event crosses many lines, stressing that football is not FIFA's to sell and
00:54the sport is not an asset to trade, especially with zero transparency as to who gains financially.
01:00This marks the second time FIFA president Gianni Infantino has attempted to push through a multi-billion-dollar deal with
01:07private backers in his increasingly controversial 11-year spell as president.
01:11In 2018, the FIFA chief proposed a secretive $25 billion offer over 12 years with Japan's SoftBank, backed by Saudi
01:20investment, to create more global tournaments bearing the FIFA name, which failed after fierce resistance from UEFA.
01:27The measure is said to be voted on by all 211 football associations under FIFA in a date yet to
01:34be determined.
01:36Infantino has promised a dramatic increase in development funds to federations if the proposal is adopted, raising their share of
01:43the pie in the 2027-2030 commercial cycle from $8 million to $20 million and even further in later World
01:50Cup cycles.
01:52Infantinoitsu
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