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FIFA President Infantino's US advisor resigns over World Cup share sale plan
FIFA President Gianni Infantino's senior US advisor Cordeiro has resigned in strong opposition to a plan to open the World Cup to investors, arguing that the share sale is unnecessary as FIFA has billions of dollars in reserves.
FIFA President Gianni Infantino's senior US advisor, Cordeiro, announced his resignation in protest against the plan to open the World Cup to investors.
Cordeiro outlined his reasons for resigning in a letter sent to the British television network Sky News. In the letter, he stated that Infantino's proposal to open the World Cup to investors endangered FIFA's future.
Cordeiro, who has served as Infantino's advisor for five years, stressed that he had no role in preparing this proposal. He said: "This proposal has become an issue that will determine FIFA's future. After careful consideration, I have decided that I can no longer continue in my role as senior advisor to the FIFA President, and therefore I am resigning from my post with immediate effect."
Cordeiro said that FIFA's main mission is to protect football, not to make a profit. He recalled that the organization has billions of dollars in reserves and no debt. Noting that the FIFA President had stated that $15 billion in revenue was generated in the 2022-2026 period, Cordeiro said: "If member federations believe that additional investment is needed for the development of football, FIFA already has the financial strength to cover this from its existing resources. Under these circumstances, it makes no sense to sell a permanent stake in football's most valuable asset for $4.2 billion."
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