FIFA scraps private investment plan after backlash
FIFA president Gianni Infantino said on August 1 he has scrapped a plan to allow private investment in the World Cup following fierce backlash from football officials worldwide.
"Our purpose has always been — and will always be — to unite and improve," Infantino said in a statement.
"As a result, this proposal will not proceed."
FIFA, world football's governing body, had floated the plan on Tuesday, saying it could raise up to $4.2 billion based on a valuation of $20 billion for a new FIFA Forward Enterprise (FFE), a commercial subsidiary it proposed to run events such as the World Cup and Club World Cup.
