PARIS — Carlos Cordeiro, a senior adviser to Fifa President Gianni Infantino, resigned with immediate effect on Friday in protest over plans to seek private investment in a new company that would oversee Fifa’s commercial and event operations, Anadolu Ajansi reported.

Cordeiro said he could not support the proposed Fifa Forward Enterprise (FFE), which would reportedly value a new subsidiary controlling the Fifa World Cup and other competitions at about US$20 billion and offer external investors a stake of up to 20 per cent.

“As a senior adviser to the Fifa President, a former banker, and a lifelong football fan, I cannot stand by while Fifa considers selling a stake in the World Cup,” Cordeiro said in a statement.

“Let me be clear: I had no involvement in this proposal, and I oppose it unequivocally. 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.”

Cordeiro, who spent more than 35 years in banking, questioned why Fifa would seek to raise US$4.2 billion by permanently giving outside investors a share of what he described as football’s most valuable asset.

He said Fifa already has billions of dollars in reserves, no debt, and generated US$15 billion in revenue between 2022 and 2026.

“If member associations believe additional investment is needed to develop the game, Fifa already has the financial capacity to provide that support from its existing resources,” he said.