FIFA president nixes idea to sell stakes in World Cup to private equity investors

FIFA President Gianni Infantino said Friday he’s nixing a much-criticized plan to sell stakes in the World Cup to private equity investors.

The president of World Cup organizer FIFA said Friday he’s nixing a much-criticized plan to sell stakes in soccer’s biggest tournament to private equity investors.

The plan to consolidate FIFA’s commercial and event operations into a new commercial subsidiary valued at $20 billion is off the table, FIFA President Gianni Infantino said in a statement.

Asia’s soccer body joined European and North American organizations in opposing it this week, with Europe’s soccer body saying it “will not participate in FIFA competitions” as a result of the plan.

FIFA initially responded by saying in a statement that “nobody is selling football.”

Later on Friday, Infantino said the plan was to strengthen such bodies, not divide world soccer.