World football's governing body, FIFA, announced it will not proceed with a proposal to sell part of its business operations to outside investors after the project met fierce opposition from several member federations.
FIFA's plan was to raise up to $4.2 billion by selling roughly 20% of a new unit dedicated to running FIFA events such as the World Cup, valuing the unit at $20 billion.
The proposal was first unveiled on Tuesday but drew sharp rebuke from UEFA, Europe's football governing body. UEFA voted to boycott FIFA on Thursday, accusing the Switzerland-based organization of putting the "soul" of the sport up for auction.
"After listening carefully to all viewpoints, it is clear that this project, despite any support it might have, has created fundamental divisions and no longer aligns with its original purpose," FIFA President Gianni Infantino said in a statement on Friday evening.
"Our aim has always been to unite and improve. Therefore, this proposal will not go ahead."
Earlier on Friday, Infantino's senior advisor Carlos Cordeiro resigned with immediate effect, calling the plan "a bad deal for football."
FIFA's chief operating officer Kevin Lamour said staff had been "misled" by Infantino, describing the proposal as "one-man project."
Meanwhile, British Prime Minister Andy Burnham told reporters on Friday that Infantino was "the wrong person to lead this organization."
