FIFA has abandoned its proposal to sell a minority stake in the commercial rights to the FIFA World Cup after strong opposition from member associations and football governing bodies around the world.
FIFA President Gianni Infantino announced on Friday that the proposal would not proceed, saying it had created divisions that were no longer in the best interests of world football.
"Having listened carefully to all the views, it has become clear that the project has created divisions... As a result, this proposal will not proceed," Infantino said in a statement.
The governing body had planned to raise up to $4.2 billion by selling around a 20% stake in a newly created commercial entity that would manage FIFA tournaments, including the World Cup.
FIFA said the investment would help generate additional funding for football development worldwide and increase financial support for its member associations.
However, the proposal sparked widespread criticism after it was unveiled earlier this week.
UEFA led the opposition, arguing that the World Cup should not be treated as a commercial investment product. The European governing body warned it would boycott FIFA competitions if the plan went ahead.
The proposal was also rejected by CONCACAF, while the Asian Football Confederation later announced its support for UEFA and CONCACAF's position.
Together, the three confederations represent 143 of FIFA's 211 member associations, making it impossible for the proposal to secure the majority support required for approval.
The controversy also triggered internal divisions within FIFA.
Senior adviser Carlos Cordeiro resigned on Friday, describing the proposal as "a bad deal for football," while FIFA Chief Operating Officer Kevin Lamour reportedly criticised the plan internally.
Infantino said he would now work to rebuild consensus among football's stakeholders and continue discussions on ways to support the global development of the sport.
The proposal had included the creation of a new commercial subsidiary to manage FIFA's major tournaments, with an investment group reportedly led by Thrive Eternal expected to participate.
Infantino, who is expected to seek another term as FIFA president next year, now faces growing scrutiny following the withdrawal of one of the most controversial commercial proposals in the organisation's history.
