According to Reuters, former FIFA President Sepp Blatter has strongly criticized the organization's new plan to establish a $20 billion subsidiary to manage World Cups, while selling 10% to 20% of its shares to external investors.
Speaking on Wednesday, Blatter said: “Football does not belong to any individual or organization. It belongs to the people. If FIFA transforms into a profit-driven corporate structure, it will lose its soul.”
The plan has drawn fierce backlash from European football associations, notably UEFA, which accused FIFA of “selling football at the market.”
The former FIFA chief stressed that the World Cup is not a commercial asset belonging to a small leadership group but a cultural heritage of world football. “FIFA is the guardian of the World Cup, not its owner,” he said.
Blatter said he was shocked by the idea and had never considered such a move during his 17 years at the helm. He warned that letting profit-seeking investors gain influence would run counter to the principles of football associations, which must serve the interests of their members.
“Modern football has existed for more than a century because it belongs to the people. That principle should never change,” the former FIFA president concluded.
