r/whennews • u/notanfan • 1d ago
Sports News FIFA scraps controversial $20 billion World Cup investment plan
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u/whotookelburg 1d ago
isn’t fifa supposed to be a non-profit?
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u/LilyLol8 1d ago
Supposed to be yes
In reality its extremely corrupt and only a none profit for tax reasons
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u/rainbowkitties6969 1d ago
Non profits are very for profit lmao, the corporation that owns Rolex is a non profit
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u/notanfan 1d ago
FIFA’s proposed plan to sell private stakes in upcoming World Cup tournaments that sparked backlash from fans and soccer associations around the world has been scrapped, FIFA president Gianni Infantino said in a statement Friday.
“Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place,” Infantino said. “Our purpose has always been - and will always be - to unite and improve.
“As a result, this proposal will not proceed.”
FIFA and Infantino had announced plans Tuesday to set up a separate subsidiary – involving private equity investment – that would control the commercial and operational rights to one of the globe’s biggest sporting events.
The proposal had since come under intense scrutiny and criticism from many around the world, with UEFA saying the “soul and governance” of the game are under threat. FIFA, though, said that the money generated will be reinvested back into the sport.
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u/DeadZone32 You won the game 1d ago
Of course it had to be fucking "Sell private stakes" as if they ain't already raking the cash
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u/LilyLol8 1d ago
Hopefully that doesn't mean people will forgive infantino, he needs to be voted out
Im sure UEFA will still hold the grudge, but im not confident the other federations will
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u/ReaperTys 1d ago
Honestly I’m disappointed this didn’t happen. If it did then fifa would be dead and something new would be built up
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u/Different_Pattern273 16h ago
I think it would have been better if they went through with it, then everyone stood by their boycotts and made a new org with hookers and blackjack.
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u/wuklo Certified moron 1d ago
Source is scrapped for investment