FIFA Abandons $20 Billion Stake Sale Amid Backlash
FIFA's initiative to sell a 20% stake in its business, aiming to raise up to $4.2 billion and valuing the new entity at $20 billion, has failed. This decision followed significant backlash from soccer officials globally and a notable division among FIFA executives.
The deal was associated with Joshua Kushner, a New York venture capitalist, whose firm was set to be involved in the transaction. Sources indicated that there was a strong reluctance among stakeholders to proceed with the deal, describing it as a "brand nightmare." FIFA President Gianni Infantino had advocated for the spin-off of FIFA's commercial rights into a new for-profit arm named FIFA Forward Enterprise.
The proposal faced intense criticism across Europe and negative media coverage, leading to its eventual collapse.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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