BUSINESS

McDonald's, Coca-Cola Think Sepp Blatter Should Resign; Sepp Blatter Does Not

The FIFA chief said his resignation wouldn't be "in the best interest" of the organization.
Embattled FIFA President Sepp Blatter gestures during news conference after an extraordinary Executive Committee meeting
Embattled FIFA President Sepp Blatter gestures during news conference after an extraordinary Executive Committee meeting in Zurich, Switzerland, May 30, 2015.

Embattled FIFA President Sepp Blatter has lost the support of a key constituency: two massive corporate sponsors.

On Friday, both McDonald's and Coca-Cola -- two of the international soccer federation's biggest financial backers -- called for Blatter to resign, amid an ongoing investigation into allegations of several decades of racketeering, wire fraud and money laundering in the organization.

"The events of recent weeks have continued to diminish the reputation of FIFA and public confidence in its leadership," McDonald's said in a statement. "We believe it would be in the best interest of the game for FIFA President Sepp Blatter to step down immediately so that the reform process can proceed with the credibility that is needed."

Coca-Cola echoed that sentiment in a statement of its own, urging Blatter to resign and make way for a "credible and sustainable reform process." 

"Every day that passes, the image and reputation of FIFA continues to tarnish,” said Coca-Cola. “FIFA needs comprehensive and urgent reform, and that can only be accomplished through a truly independent approach.”

Despite the potential loss of what Bloomberg identifies as tens of millions of dollars in corporate sponsorship money, Blatter told journalists Friday he did not intend to resign:

Last Friday, Swiss authorities opened a criminal investigation into Blatter on a variety of corruption charges, months after multiple FIFA officials were indicted for the same.

Blatter managed to win an unprecedented fifth term at the helm of the organization in May, just days after the arrests of his colleagues.

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