Pele plans fund to keep young soccer talent in Brazil

Associated Press, Sao Paulo, Brazil

Soccer legend Pele plans to create a fund to help keep Brazil's promising young soccer talent in the country, his former club said.

Pele has talked to bankers and businessmen who approved of his initiative, the Santos club said in a statement late Friday.

"We need to work so that these young talents stay here," Pele was quoted as saying, adding that the new generation of talent in Brazil is vital for the future of soccer in this country, a five- time World Cup winner.

Among the brightest young stars are 17-year-old Diego and 18- year-old Robinho, who last year led Santos to its first national title since Pele retired. The two reportedly are coveted by European clubs, the common destination of Brazil's top players.

"Youngsters like Robinho cannot leave Brazil this early. This generation has everything to shine at the next World Cup," Pele warned.

Brazilian clubs usually can't compete with the multimillion- dollar offers from European teams. Nearly all of Brazil's 2002 World Cup champions play in Europe, including Ronaldo, Rivaldo, Ronaldinho, Cafu and Roberto Carlos.

Pele, now 62, played nearly his entire career with Santos and won three World Cup titles in 1958, 1962 and 1970. He left Santos for the now-defunct New York Cosmos in 1974 and retired as a player in 1977.

A prosperous businessman, Pele also has served as goodwill ambassador and Brazil's Minister of Sports. The fund could be his last contribution to the sport, he said.

"For me, this would be retirement," Pele said in the statement. "I've done everything I've had to do. This would be a reward from God."