Ex-FIFA chief Blatter blasts plan to sell stake in World Cup to investors
Blatter Criticizes FIFA's $20 Billion World Cup Investment Plan
By John Revill
Background on FIFA's Investment Proposal
ZURICH, July 29 (Reuters) - Former FIFA President Sepp Blatter on Wednesday slammed the football governing body's plans to create a $20 billion subsidiary to run the World Cup, saying the tournament was not a commercial asset that belonged to a few executives.
Blatter's Perspective on Football Ownership
"Football belongs to no individual and to no institution. It belongs to the people," Blatter told Reuters.
"If FIFA were transferred into a profit-oriented corporate structure, it would lose its soul," added Blatter, who was FIFA president for 17 years until 2015.
Details of FIFA's Proposal
FIFA said on Tuesday it plans to create the subsidiary to run the World Cup and its other events, and will offer stakes of up to 20% in it to external investors.
Reactions from European Football Authorities
The move has provoked a furious response from European football authorities, including UEFA, which said FIFA was putting the game up for sale.
Blatter's Arguments Against Commercialization
Blatter said the World Cup should not become an investment product for private equity with investors seeking returns.
"The FIFA World Cup is not a commercial asset that belongs to a handful of executives," he said. "It is part of the cultural heritage of world football."
"FIFA is the guardian of the World Cup, not its owner."
Personal Reflections from Blatter
Blatter said he was shocked at the idea, adding he would never have considered it when he ran FIFA.
Concerns Over Influence and Profits
Investors pursuing influence and profits ran contrary to associations that follow the interests of their members, he said.
"Modern football has survived for more than a century because it belongs to the people," said Blatter. "That principle should never change."
(Reporting by John RevillEditing by Dave Graham)
