FIFA FINDS OUT

In Cayman, across the Caribbean, and throughout the football world and beyond, the latest unfolding drama which has engulfed FIFA (Fédération Internationale de Football Association/International Federation of Association Football) is a spectacle that is playing out beyond the football field and into the boardroom of the world’s preeminent football governing body.

Once again, FIFA, which has over recent years been trying to shelve a once-tarnished reputation, finds itself in the headlines and spotlight for the wrong reasons, facing a series of ‘red cards’ - and resignations from within its own membership over its current leadership.

Central to what some regard as the latest series of missteps is its current president, Gianni Infantino over his much-discredited plan - which it has now abandoned - to sell a stake in future World Cup profits to investors in a financial scheme headed by Joshua Kushner. He is the brother of Jared Kushner, the son-in-law of the American president Donald Trump, who is also Trump’s foreign policy advisor and negotiator.

INFANTINO APOLOGISES FOR FIFA’S FIASCO

Following an urgent meeting on Wednesday, embattled president Infantino, under mounting pressure to quit over his much-discredited plan, issued an apology.

“We acknowledge that errors were also made after the proposal was leaked to media,” he wrote in the co-signed statement with FIFA’s Secretary General Mattias Grafstrom.

“We sincerely apologise for these errors and commit to them not happening again. With this in mind, we will conduct a necessary review, and a report will be presented to the FIFA Council at its next scheduled meeting.”

It has been noted that Mr Grafstrom, who had previously appeared to be sceptical of his boss’s failed plan, was also a signatory to the apology.

BLASTED BY BURNHAM

The rejection of Mr Infantino’s investment plan has been swift, extensive and severe. Among those leading the call for him to quit or be thrown out of the top job is the new British Prime Minister, Andy Burnham. In remarks that cut to the core of FIFA’s current leadership troubles, Mr Burnham declared his lack of confidence in Mr Infantino’s leadership in an interview with the UK’s Sky Sports.

“I do not believe that he is the right man to lead football forward on the world stage,” the British Prime Minister declared, adding, “The plan that was put forward was offensive to many football people around the world, and it can’t be the case that we move on and forget that. It wasn’t acceptable.”

The British Football Association(FA), its European counterpart the European UEFA (Union of European Football Associations), as well as the Caribbean and Americas CONCACAF(Confederation of North, Central America and Caribbean Association Football) and many other global FIFA affiliates have expressed the displeasure - some disgust - at the Infantino proposal.

Some major media outlets have been reporting that efforts by the beleaguered FIFA president to seek the intervention of President Trump have not been successful, with suggestions that he is being cold-shouldered. Mr Infantino himself is reported to have stated that he felt “isolated”.

FIFA’S FINANCIAL FUMBLE 

As explained by FIFA, “If approved, football development in every corner of the world would benefit immediately from increased funding available to all 211 FIFA Member Associations (MAs): (i) An optional USD 20 million per MA in exceptional and immediate funding for special projects from the new FIFA Fast Forward Programme (FFFP), (ii) USD 20 million per MA in Forward funding for 2027-2030 (currently budgeted USD 8 million), (iii) USD 22 million per MA in Forward funding for 2031-2034, and (iv) USD 24 million per MA in Forward funding for 2035-2038.”

The global football governing body said this would be achieved via FIFA Forward Enterprise (FFE), a new FIFA-owned and controlled subsidiary consolidating FIFA’s commercial and event operations; FIFA would retain sole control of FFE and exclusive authority over football governance, competitions, match calendar, and all regulatory and sporting decisions.

It projected that FFE would raise up to USD 4.2 billion later this year to fund FFFP, based on an initial equity valuation of USD 20 billion by carefully selecting long-term investors who will purchase minority, non-controlling interests in FFE. All net benefits of FFE will be reinvested back into football worldwide.

FIFA did say that “in full respect of FIFA’s democratic and governance principles, the launch of this new structure is subject to the support of a majority of MAs and the relevant approvals of the FIFA Council.”

That plan has now been widely rejected, with Mr Infantino’s position at the head of FIFA still uncertain despite his apology.

He is up for re-election next year with pressure mounting on him to step down.