Cordeiro, who has a background in banking and previously served as the vice president of the U.S. Soccer Federation, declared his sudden resignation, stating he could not “stand by while FIFA contemplates selling a share in the World Cup”.
FIFA had suggested the formation of a $20-billion subsidiary, FIFA Forward Enterprise (FFE), to oversee the World Cup and its other events, with a maximum of 20% stake available to outside investors.
“To be clear: I had no part in this plan, and I oppose it completely,” Cordeiro mentioned in a statement.
“This is not a good deal for FIFA’s Member Associations, it harms football, and jeopardizes the long-term prospects of the game.”
In his statement, Cordeiro questioned the rationale behind FIFA’s intention to raise $4.2 billion by selling a portion of its “most valuable asset” when the organization holds billions in reserves and is debt-free.
His resignation arrives as FIFA’s 211 member associations come under pressure to make a decision on the contentious proposal by September 19, with Cordeiro asserting they “risk being left behind” if they don’t agree to it.
“The FIFA President himself has noted the $15 billion in revenue expected between 2022 and 2026,” Cordeiro remarked, indicating that FIFA already possesses the financial strength to offer additional support to member associations from its current resources. “In that context, selling a permanent share of football’s most valuable asset to generate $4.2 billion seems illogical.”
As a senior advisor to the FIFA President, Cordeiro’s role was to “provide guidance on new strategic initiatives to enhance the game at all levels”.
When announcing his appointment in 2021, Infantino stated: “Carlos is the ideal person to advise us as we modernize our regulatory framework and promote the sport in ways that benefit football for men, women, and youth worldwide.”
Cordeiro cultivated a lengthy career in business and global investment banking throughout Europe, the Middle East, and Africa (EMEA) as well as Asia, advising governments and some of the largest international companies globally.
Prior to joining U.S. Soccer, he served as vice chairman at Goldman Sachs and earned his MBA from Harvard Business School.
