Carlos Cordeiro, senior adviser to FIFA President Gianni Infantino, resigned with immediate effect on Friday, opposing FIFA's proposal to sell a stake in its flagship competitions and describing the move as "a bad deal for football", according to reports.
Cordeiro, who is a former investment banker and ex-US Soccer Federation vice president, was appointed to advise FIFA on the global growth of the sport, said he could not continue in his role while the governing body considered selling part of the FIFA World Cup.
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"I could not stand by while FIFA considers selling a stake in the World Cup," he said in his resignation statement, reported by Reuters.
FIFA has proposed creating a $20-billion subsidiary, FIFA Forward Enterprise, to manage the commercial rights of the FIFA World Cup and other major tournaments. Under this plan, external investors would be able to acquire a stake of up to 20% in the new entity.
"Let me be clear: I had no involvement in this proposal, and I oppose it unequivocally," Cordeiro noted in the statement. "It is a bad deal for FIFA's Member Associations, a bad deal for football, and a bad deal for the long-term future of the game."
In his statement, Cordeiro questioned the financial rationale behind the proposal, asking why FIFA would seek to raise $4.2 billion by selling part of what he called its "most valuable asset" when the organisation already has billions of dollars in reserves and carries no burden in the form of debt.
His resignation comes as FIFA's 211 member associations prepare to decide on the proposal, with a September 19 deadline set for approval.
"The FIFA President himself has highlighted the $15 billion in revenue generated between 2022 and 2026," he said. Cordeiro went on to say that FIFA already had the financial capacity to provide additional support to member associations from its existing resources. "Against that backdrop, selling a permanent stake in football's most valuable asset to raise $4.2 billion makes little sense."
As senior adviser to the FIFA president, Cordeiro's mandate was to "advise FIFA on new strategic initiatives to grow the game at all levels."
When FIFA announced Cordeiro's appointment in 2021, Infantino had said: "Carlos is the right person to advise us as we modernise our regulatory framework and grow the sport in ways that advance football for men, women and youth across the globe."
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Before joining FIFA, Cordeiro built a career in global investment banking, working across Europe, the Middle East, Africa and Asia.
The 70-year-old had previously served as vice chairman at Goldman Sachs, advised governments and multinational companies, and holds an MBA from Harvard Business School.
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