In brief
- FIFA planned to create a commercial subsidiary known that would run its main events, including the World Cup, which private investors could buy stakes in.
- FIFA president Gianni Infantino announced on Saturday the plan was being scrapped.
FIFA has abandoned plans to sell a stake in the World Cup after fierce backlash, including threats of boycotts.
In a statement on Saturday morning, FIFA president Gianni Infantino said it had "become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place".
"Our purpose has always been — and will always be — to unite and improve," he said.
"As a result, this proposal will not proceed.
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"Moving forward, my intent is to bring all interested parties back together in the coming days and weeks in the spirit of shared interest in our game, and with the objective to continue growing football everywhere, particularly in those countries that mostly need our support."
FIFA on Wednesday announced its plan to create a commercial subsidiary known as the FIFA Forward Enterprise that would run its main events, including the World Cup.
Private investors would have been able to buy a minority stake of up to 20 per cent in the subsidiary, which was valued up to US$20 billion ($28.47 billion).
FIFA had promised each of its 211 member countries and territories US$40 million ($56.9 million) in funding for the 2027-2030 cycle if they agreed to the plan.
But the backlash to the proposal was fierce, with the 55 member states of the European football governing body UEFA voting unanimously to boycott all FIFA tournaments.
Other bodies also opposed the plan, including CONCACAF, the regional federation for North America, Central America and the Caribbean, as did the Asian Football Confederation, of which Australia is a part of.
The plan also exposed internal division within FIFA.
Infantino's senior adviser Carlos Cordeiro resigned and called the plan a "bad deal for football", while FIFA chief operating officer Kevin Lamour said staff had been "deceived" by Infantino and the proposal was a "project of one person".
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