KUALA LUMPUR, Malaysia (AP) — The entire executive committee of the Football Association of Malaysia (FAM) resigned Wednesday after a scandal involving the naturalization of seven foreign-born players led to FIFA sanctions, a court appeal and intensified scrutiny of the country’s soccer governance.
All committee members, elected 11 months ago for the 2025–2029 term, stepped down with immediate effect in a unanimous and voluntary decision in order to protect the association’s credibility.
The mass resignation followed FIFA’s decision last September to fine the association about $450,000 and suspending the seven players for a year after determining that fake documents had been filed to support their naturalization. The players — Facundo Garcés, Rodrigo Holgado, Imanol Machuca, João Figueiredo, Gabriel Palmero, Jon Irazabal and Héctor Hevel— were also fined individually.
The seven, who originate from Argentina, Brazil, the Netherlands and Spain, went on to play for Malaysia, including in a qualifying match for the 2027 Asian Cup that Malaysia won against Vietnam.
Malaysian officials had maintained that all seven players were eligible under FIFA rules because each had a grandparent born in Malaysia. FIFA, however, said its investigators obtained original documents from the players’ countries of origin that contradicted those claims.
In a statement Wednesday, FAM said the committee had been elected for a four-year mandate covering the 2025–2029 term and the decision to resign after just 11 months demonstrated that service to Malaysian soccer takes precedence over holding office.
The mass resignation was intended to safeguard the association’s reputation and mitigate further consequences for Malaysian football, it said. It would allow FIFA and the Asian Football Confederation to review governance, administrative and procedural matters within FAM, and ensure any reforms can be undertaken without distraction or perceived conflicts of interest, it said.
“The executive committee recognizes the importance of collective responsibility and the need to act in a manner that protects the integrity and standing of the sssociation,” the statement said.
FAM said the move was aimed at restoring confidence among supporters, stakeholders and the wider football community, emphasizing that institutional credibility is essential to the stability and future development of the sport in Malaysia. The outgoing leadership will fully cooperate with FIFA, the AFC and other stakeholders. No timeline was announced for interim leadership or new elections.
Acting FAM president Mohamad Yusoff Mahadi told local media that committee secretary-general Noor Azman Rahman will continue overseeing day-to-day operations of the governing body, which is expected to convene a congress to appoint a new executive committee.
After FIFA rejected FAM’s appea l, it took the case to sports highest court based in Switzerland. FAM said Tuesday that the Court of Arbitration for Sport had temporarily halted the FIFA-imposed ban on the players, allowing them to compete while an appeal is reviewed. It didn't say when a final ruling is expected.
AP soccer: https://apnews.com/hub/soccer
FILE -Malaysia's Rodrigo Holgado, left, vies for the ball with Vietnam's Do Duy Manh during the AFC Asian Cup qualifier Group F soccer match between Malaysia and Vietnam at the National Stadium Bukit Jalil in Kuala Lumpur, Malaysia, June 10, 2025. (AP Photo/Vincent Thian, File)
NEW YORK (AP) — The U.S. stock market is drifting around its all-time high on Wednesday, while the U.S. dollar’s value stabilizes against other currencies after falling to its lowest level in nearly four years.
The S&P 500 fell 0.1%, coming off its latest record. The Dow Jones Industrial Average was up 5 points, or less than 0.1%, as of 1:39 p.m. Eastern time, and the Nasdaq composite rose 0.1%.
Some Big Tech companies helped support the market following an encouraging report from ASML. The Dutch company, whose machinery helps make chips, gave a forecast for 2026 revenue that topped analysts’ expectations.
ASML's customers have been notably more encouraged about the medium term, CEO Christophe Fouquet said, mostly because of expectations for “the sustainability” of demand related to the artificial-intelligence boom. That helped allay some concerns that the AI frenzy has gone overboard and created a potential bubble that may burst.
Nvidia, the stock that’s become the poster child of the AI boom, climbed 1.7% and was the strongest single force lifting the S&P 500. ASML’s stock that trades in the United States swung from an early gain to a drop of 2.7%.
Stocks elsewhere in the market were mixed following the latest flurry of profit reports.
Seagate Technology jumped 20.6% for one of the market's biggest gains after the seller of hard drives and other data-storage products reported bigger profit and revenue than analysts expected. CEO Dave Mosley cited AI applications for its strong performance, among other things.
Starbucks climbed 1.2% after its revenue for the latest quarter topped analysts’ expectations, thanks in part to a viral bear cup. That was even though its profit for the end of 2025 fell short of analysts’ targets.
Elevance Health rose 6.2% after reporting a stronger profit than analysts expected. That helped it recover some of its stock's 14.3% sell-off from the prior day, when it and other health insurers got walloped by a proposed rate increase for Medicare Advantage by the U.S. government that fell well short of what investors hoped.
But Amphenol’s stock tumbled 11% even though the maker of fiber-optic connectors and other high-tech equipment reported stronger growth in profit and revenue for the end of 2025 than analysts had forecast. Expectations were high for the company after its stock came into the day with an already big surge of 23% for the young year so far.
Companies across the market are under pressure to deliver solid growth in profits following the record-setting runs for their stock prices. Stock prices tend to follow the path of corporate profits over the long term, and earnings need to rise to quiet criticism that stock prices have grown too expensive.
Apple slipped 1.3% ahead of its profit report coming on Thursday, and it was one of the heaviest weights on the S&P 500.
In the foreign-currency market, the U.S. dollar found some stability and was up against the British pound, Japanese yen and others. A day earlier, an index measuring the U.S. dollar’s value against several of its peers dropped to its weakest level since early 2022.
The dollar’s value has been generally falling since President Donald Trump entered the White House last year, and its descent accelerated after Trump threatened tariffs earlier this month against several European countries that he said opposed his taking control of Greenland.
Such threats, along with worries about risks like the U.S. government’s heavy debt, have periodically pushed global investors to step away from U.S. markets, a move that’s come to be called “Sell America.”
In the bond market, Treasury yields ticked higher ahead of an announcement coming in the afternoon from the Federal Reserve on interest rates. The widespread expectation is that it will hold its main interest rate steady.
The Fed cut rates several times last year in hopes of shoring up the job market, but inflation remains stubbornly above its 2% target. Lower interest rates could worsen inflation while giving the economy a boost.
Lower interest rates could also further undercut the U.S. dollar’s value, which would help U.S. exporters. Trump has been pushing aggressively for lower rates.
The yield on the 10-year Treasury rose to 4.26% from 4.24% late Tuesday.
As global investors have stepped away from the U.S. dollar due to political instability and other worries, prices have surged for gold and other metals as investors searched for something safer to own. Gold’s price topped $5,000 per ounce this week for the first time, and it added another 4.4% to $5,307.50.
In stock markets abroad, indexes sank in Europe following better performances in Asia.
South Korea’s Kospi rose 1.7% to another record, thanks in part to a 5.1% leap for chip company SK Hynix, while Hong Kong’s Hang Seng rallied 2.6%.
AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
Specialist Patrick King, left, and trader Mark Puetzer work on the floor of the New York Stock Exchange, Wednesday, Jan. 28, 2026. (AP Photo/Richard Drew)
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People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Jan. 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Jan. 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Shanghai, Nikkei and New York Dow indexes at a securities firm Wednesday, Jan. 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Jan. 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
