FIFA adviser quits over World Cup stake sale, calls it 'bad deal for football'
Senior adviser to FIFA president Gianni Infantino, Carlos Cordeiro, resigned with immediate effect on Friday in protest against the governing body’s proposal to sell a stake in the FIFA World Cup, describing the plan as “a bad deal for football.”
Cordeiro, a former vice chairman at Goldman Sachs and ex-president of the U.S. Soccer Federation, said he could not remain in his role while FIFA pursued plans to create a commercial subsidiary that would allow private investors to acquire a stake in the World Cup and other major tournaments.
“I had no involvement in this proposal, and I oppose it unequivocally,” Cordeiro said in a statement. “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.”
WHAT IS FIFA’S PROPOSAL?
FIFA has proposed creating a $20 billion commercial subsidiary, FIFA Forward Enterprise (FFE), to manage the commercial rights of the FIFA World Cup, Club World Cup and other competitions. Under the proposal, up to a 20 per cent stake in the subsidiary would be sold to external investors, raising an estimated $4.2 billion.
The governing body has identified a New York-based investment firm founded by Joshua Kushner, the younger brother of Jared Kushner, as the anchor investor.
Cordeiro, who joined FIFA in 2021 to advise Infantino on strategic initiatives, distanced himself from the proposal and urged member associations to reject it.
“Football has been central to my life, and after more than 35 years in banking, I understand both the value of this asset and the consequences of giving part of it away,” he said. “That is why this proposal should be rejected.”
‘MORTGAGING FOOTBALL’S FUTURE’
Questioning the need to raise fresh capital, Cordeiro argued that FIFA was already in a strong financial position.
“FIFA already has access to extraordinary financial resources. The organisation sits on billions of dollars in reserves and no debt,” he said, pointing to the governing body’s reported $15 billion revenue cycle between 2022 and 2026.
“Against that backdrop, selling a permanent stake in football’s most valuable asset to raise $4.2 billion makes little sense. It is mortgaging football’s future without any compelling justification.”
He also urged FIFA’s 211 member associations to scrutinise the proposal before voting on it, warning that they risked being left behind if they did not fully assess its long-term implications.
“I hope they, too, will speak up, because decisions of this magnitude should be made in the interests of football, not those who stand to profit from it,” he said.
CORDEIRO’S ROLE AT FIFA
Cordeiro was appointed senior adviser to Infantino in 2021 with a mandate to help develop strategic initiatives aimed at growing football globally. At the time, Infantino described him as “the right person” to help modernise FIFA’s regulatory framework and expand the sport across men’s, women’s and youth football.
Before joining FIFA, Cordeiro spent more than three decades in global investment banking, including as vice chairman at Goldman Sachs. He also served as president of the U.S. Soccer Federation before resigning in 2020 amid criticism over court filings in the U.S. women’s national team’s equal pay lawsuit.
His resignation comes at a crucial time for FIFA, with member associations expected to decide on the proposed commercial restructuring by September 19. Infantino, who has led FIFA since 2016, is also expected to seek another term as president next year.
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