Bern, Switzerland. Carlos Cordeiro resigned with immediate effect over FIFA’s proposed $20-billion commercial subsidiary, calling it “a bad deal for football”.
He said FIFA was “mortgaging football’s future without any compelling justification” and that he had not been involved in the proposal.
Cordeiro’s objections
Cordeiro, who was appointed by FIFA president Gianni Infantino in 2021 to help shape the organisation’s future, said the proposal would harm FIFA’s member associations and the long-term future of the game.
“It is a bad deal for FIFA’s Member Associations, a bad deal for football, and a bad deal for the long-term future of the game,” Cordeiro said in a statement.
A former banker and former U.S. Soccer Federation vice president, he said he opposed the plan “unequivocally”.
FIFA consultation
FIFA said incorrect media reports had disrupted its planned consultation process but that it would continue presenting the proposal to its 211 national football associations.
“We will proceed with this consultation process to ensure that each MA (Member Association) has the ability to express its vote based on facts,” FIFA said in a statement issued during the European night.
Investment proposal
FIFA has proposed establishing FIFA Forward Enterprise, a $20-billion subsidiary to operate the World Cup and its other events. Up to 20% of the entity could be offered to external investors.
FIFA said Thrive Eternal, a fund run by Thrive Capital, founded by Joshua Kushner, was expected to lead the proposed investor group. Joshua Kushner is the brother of Jared Kushner, U.S. President Donald Trump’s son-in-law.
Leadership criticism
British Prime Minister Andy Burnham, who had criticised FIFA’s plan when it was announced earlier in the week, told reporters on Friday that Infantino was “the wrong man to lead the organisation”.
Infantino is due to stand for re-election next year, while North American football chief Victor Montagliani is reportedly considering a challenge for the FIFA presidency.
