Real Madrid welcome scrapping of FIFA’s World Cup investor plan

FIFA President Gianni Infantino has abandoned a plan to sell private shares in the World Cup. The proposal, which was met with heavy criticism from member nations, including UEFA, has been scrapped. According to Fortune, Infantino's decision to invite private investors, led by Joshua Kushner, to buy a stake in future profits from World Cups and all FIFA events sparked a seismic rift in global soccer.

The backlash against the plan included vows by European nations to boycott FIFA events and claims from senior staff that Infantino deceived everyone. Infantino announced the abandonment of the plan from FIFA headquarters in Switzerland. Real Madrid has welcomed the decision, as reported by Punch Nigeria.

Infantino's reversal comes after a significant backlash against the proposal, which threatened his job and his likely reelection coronation next March. The plan's cancellation has averted a major crisis for FIFA, but the controversy has highlighted divisions within the organization.

Brief written by urgent.news from Punch Nigeria, Fortune, Yahoo Sports, CBS News — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.