Cordeiro, the former president of the U.S. Soccer Federation, announced his resignation through a public statement in which he opposed FIFA's proposal to establish a commercial subsidiary that would raise billions of dollars by selling minority stakes to private investors.<\/p>\r\n\r\n
\"I cannot stand by while FIFA considers selling a stake in the World Cup,\" Cordeiro said as quoted by Sky Sports.<\/p>\r\n\r\n
The former FIFA adviser also sought to clarify his position on the proposal, stating, \"Let me be clear. I had no involvement in this proposal, and I oppose it unequivocally.\"<\/p>\r\n\r\n
FIFA's plan involves the creation of FIFA Forward Enterprise, a commercial entity that would manage the governing body's commercial rights, including those linked to the men's and women's FIFA World Cups and the FIFA Club World Cup. The governing body has said the initiative would help generate additional funds for football development while allowing FIFA to retain full control over governance and sporting matters.<\/p>\r\n\r\n
However, Cordeiro questioned the need for the proposal, pointing to FIFA's existing financial position.<\/p>\r\n\r\n
\"Football has been central to my life, and after more than 35 years in banking, I understand both the value of this asset and the consequences of giving part of it away. That is why this proposal should be rejected. \"FIFA already has access to extraordinary financial resources. The organisation sits on billions of dollars in reserves and no debt,\" he said.<\/p>\r\n\r\n
According to him, selling a permanent ownership interest in football's premier competitions to raise fresh capital was unnecessary.<\/p>\r\n\r\n
\"Football has been central to my life, and after more than 35 years in banking, I understand both the value of this asset and the consequences of giving part of it away. That is why this proposal should be rejected. \"FIFA already has access to extraordinary financial resources. The organisation sits on billions of dollars in reserves and no debt,\" he said.<\/p>\r\n\r\n
Cordeiro's resignation comes amid mounting opposition to FIFA's commercial restructuring proposal. UEFA has already announced that its 55 member associations will boycott FIFA competitions while the proposal remains active, while the Asian Football Confederation (AFC) and CONCACAF have also raised concerns over the governance and consultation process surrounding the plan.<\/p>\r\n\r\n