FIFA largely blamed costs for scrapping the event, but Domínguez reacted with fury, demanding, in a letter to FIFA, a detailed breakdown on how much FIFA spent to host similar meetings recently in India, Rwanda and China.
After finally bowing to the creation of the tournament, UEFA has so far stymied FIFA’s efforts to secure the participation of the continent’s top teams for the inaugural event next year. It has demanded the field should include winners of its second-tier Europa League competition, while FIFA wants only the continent’s best teams.
The clubs are taking advantage of the tensions. As well as talking to FIFA about the quadrennial World Cup, Europe’s biggest teams have also met with the American billionaire Stephen M. Ross, who is seeking to get them to commit more formally to an annual preseason tournament. Ross’s group, RSE Ventures, has held talks with both UEFA and FIFA about securing their backing for an annual event in which participating clubs could secure about $10 million per tournament and an equity stake, provided they commit to several editions of the competition.
FIFA hopes the new revenue stream from an expanded Club World Cup will allow it to invest more in developing the game around the world. But the financial demands of the top teams could make that difficult: Those teams want a model similar to the Champions League, where more than 90 percent of the income is paid out in prize money.
Because of the early opposition to its project, FIFA has found itself in a hurry to get the financing it requires. Some groups that showed initial interest in the event, like Suning Holdings Group, which is based in China, owns the Italian team Inter Milan and is one of the biggest Chinese investors in soccer, declined to make an offer after complaining that there was a lack of detail in FIFA’s tender request.
By hiring Raine to manage the process, FIFA is enlisting an organization well versed in securing deals for sports entities, and one with a presence in China. Led by the banker Joe Ravitch, the firm helped the English soccer champion Manchester City sell a stake worth $500 million to the American investment group Silver Lake Partners in November. And City’s Premier League rival Chelsea has directed any parties interested in acquiring the club from its Russian owner, Roman Abramovich, toward Ravitch.