FIFA Adviser Carlos Cordeiro Resigns Over Private Equity Plan

Senior FIFA adviser Carlos Cordeiro stepped down on Friday, objecting to FIFA’s private equity plan. Cordeiro, who previously represented FIFA on the White House Task Force for the World Cup, resigned in protest against the potential sale of a stake in the World Cup.

In his statement, Cordeiro, a former Goldman Sachs banker, urged other FIFA officials to voice their concerns. He stated, “I cannot stand by while FIFA considers selling a stake in the World Cup.”

During Cordeiro’s tenure, he often accompanied FIFA President Gianni Infantino on visits to meet U.S. President Donald Trump. Cordeiro emphasized his opposition in his resignation statement. He referred to the $20 billion commercial subsidiary plan as “a bad deal for football.”

“Football has been central to my life. 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 explained. He urged the rejection of this proposal.

European nations have decided to boycott the World Cup, along with other FIFA competitions, to protest Infantino’s plan. Furthermore, North America’s soccer body has rejected the proposal as well.

The Proposal

Infantino’s plan involves spinning FIFA’s commercial activities, including the men’s and women’s World Cups and Club World Cups, into a $20 billion subsidiary. Private investors would own 20%.

The plan highlights an “anchor investor,” a New York-based firm established by Joshua Kushner, brother of Jared Kushner, Trump’s son-in-law.

“FIFA already has access to extraordinary financial resources,” Cordeiro noted. He pointed out FIFA’s $15 billion revenue over the last four years. “Selling a permanent stake in football’s most valuable asset to raise $4.2 billion lacks justification,” he remarked.

Cordeiro spent five years at FIFA with others he describes as “dedicated, principled people who care deeply about the game.” He hopes they will also speak out, stating, “Decisions of this magnitude should be made in the interests of football, not those who stand to profit from it.”

Infantino has been the president of FIFA for over a decade and seemed likely to be reelected without opposition. FIFA has set a deadline of November 18 for any challengers to emerge.