The Confederation of African Football (CAF) has announced that it will review FIFA’s proposal to open the commercial operations of the FIFA World Cup and other major competitions to private investment, saying it remains committed to increasing financial support for football development across Africa.
In a statement released on Wednesday, CAF said its President, Patrice Motsepe, will meet with the Confederation’s Executive Committee next week to examine the proposal and determine the continent’s position.
The African football governing body also encouraged its member associations to study the proposal and actively participate in FIFA’s consultation process.
“CAF also encourages its Member Associations to examine the FIFA Forward Enterprise proposal and participate in the consultation process in accordance with CAF and FIFA’s regulations and established procedures,” the statement said.
CAF stressed that it would continue working with FIFA, its member associations and other football stakeholders to promote the growth of the game.
“CAF is committed to continue consulting and working together with its Member Associations, FIFA, other Football Confederations and stakeholders in support of increasing financial and other resources for the development and growth of football in Africa and worldwide,” the statement added.
The development follows FIFA’s announcement of plans to establish the FIFA Forward Enterprise (FFE), a new commercial subsidiary that would manage the business operations of its flagship competitions, including the FIFA World Cup.
Under the proposal, FIFA would retain majority ownership of the company while seeking to raise about $4.2 billion by selling minority, non-controlling stakes to selected long-term investors.
The proposal has sparked widespread debate across the football world.
According to reports, FIFA President Gianni Infantino could become commissioner of the proposed commercial entity after his current term ends in 2031. Venture capitalist Joshua Kushner and an investment arm of JPMorgan Chase have also been mentioned as potential investors.
Several football governing bodies have criticised the proposal.
UEFA described the FIFA World Cup as “not an asset to trade,” while European Union Sports Commissioner Glenn Micallef urged FIFA to keep its hands off the game.
Football confederations across Europe, South America, North America and Asia have also expressed concerns, saying they were not consulted before the proposal was unveiled.
Source: CAF statement.
