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FIFA President Gianni Infantino's senior advisor quits as backlash grows over investment plan: 'Bad deal for football'
Carlos Cordeiro has stepped down from his position as a senior adviser to FIFA.
Carlos Cordeiro has stepped down from his position as a senior adviser to FIFA, citing his opposition to the governing body's proposed private equity initiative. The former US Soccer president announced his resignation on Friday, marking a significant development as FIFA pushes ahead with plans to reshape its commercial operations.
Cordeiro had been serving as FIFA's representative on the White House Task Force for the FIFA World Cup and frequently accompanied FIFA president Gianni Infantino during meetings with President Donald Trump in recent years as preparations for future global tournaments gathered pace.
At the centre of the disagreement is Infantino's proposal to establish a new commercial subsidiary valued at approximately USD 20 billion. Under the plan, FIFA would transfer the commercial rights associated with its flagship competitions, including the men's and women's FIFA World Cups and the Club World Cups, to the new entity, with private investors acquiring a 20 per cent stake.
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According to FIFA, the lead investor identified for the project is a New York-based investment firm founded by Joshua Kushner, the younger brother of Jared Kushner, who served as President Trump's son-in-law and senior adviser during his administration.
"I cannot stand by while FIFA considers selling a stake in the World Cup. Let me be clear. I had no involvement in this proposal, and I oppose it unequivocally. 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," Cordeiro, a former Goldman Sachs banker, said in an official statement.
"That is why this proposal should be rejected. FIFA already has access to extraordinary financial resources. The organisation sits on billions of dollars in reserves and has no debt. 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 added.
Don't do it for profit
Calling the latest FIFA plan a "bad deal for football", Cordeiro, the former US Soccer Federation, added that he hopes that the dedicated and principled people within the federation would make their voices heard and speak up against the plan.
"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 departure comes at a pivotal time for FIFA. Infantino, who has led world football's governing body for more than a decade, is widely expected to seek another term as president. With FIFA's presidential election scheduled for next March, the organisation has set November 18 as the deadline for prospective challengers to submit their nominations.
Before joining FIFA in an advisory capacity, Cordeiro served as president of US Soccer. He resigned from that role in 2020 following widespread criticism of the federation's legal arguments in the U.S. women's national team's equal-pay lawsuit, which sparked significant backlash across the sport.
