Zurich, Switzerland – Carlos Cordeiro, chief advisor to FIFA President Gianni Infantino, announced his resignation from his post in protest against the plan to create a new company to manage the commercial rights to FIFA tournaments, while opening the door to private sector investors.
The reason for Cordero’s resignation from his position
Cordero’s resignation, after serving as Infantino’s chief advisor for five years, comes at a time when the project is facing widespread criticism. This follows objections from several continental federations, most notably UEFA, CONCACAF, and the Asian Football Confederation.
Cordero, a veteran of investment banking, described the proposal as “an unsuitable deal” for national federations and the future of football. He also stressed that selling any stake in the commercial rights to the game’s major competitions would be a risky move with far-reaching consequences.
In a statement released after his resignation, he explained that he had not participated in drafting the project and that he completely opposed it. He considered it his duty to clearly state his position before the proposal was discussed at the upcoming FIFA General Assembly meeting.
Cordero said: “I have spent more than 35 years in banking, and I am well aware of the value of major assets. Therefore, I cannot support giving up part of football’s most important assets”.
FIFA had previously announced its intention to establish a new company called “FIFA Forward Enterprises,” which would manage the commercial rights to several tournaments, most notably the World Cup and the Club World Cup, with a minority stake in the company being sold to investors for approximately $4.2 billion.
Cordero argued that FIFA, given its financial strength, does not need to take this step. He pointed out that FIFA generated approximately $15 billion in revenue during the financial cycle spanning the 2022 World Cup to 2026, which allows it to fund game development programs without resorting to selling shares of its assets.
He added that the project raises several questions regarding governance and transparency, including the reasons for pursuing this deal at this time, the mechanism for selecting investors, the returns they will receive, and the potential impact on the future of football.
He confirmed that these considerations led him to end his role as senior advisor to the FIFA president. He stressed that crucial decisions concerning the future of the game must be made in the best interests of football and national federations, not investment interests.
Cordero concluded his statement by emphasizing his pride in working within FIFA for the past five years, expressing his hope that FIFA officials will continue to defend the interests of football when discussing this project.
