FIFA scraps World Cup stake sale after global backlash

FIFA President Gianni Infantino has confirmed that world football's governing body has abandoned plans to sell a minority stake in the commercial operations of the World Cup after the proposal sparked widespread opposition from football authorities across the globe.

FIFA had sought to raise up to $4.2 billion by selling around a 20 per cent stake in a newly created entity that would oversee FIFA competitions, including the World Cup.

However, the plan was met with fierce criticism, with UEFA warning it would boycott FIFA tournaments and accusing the organisation of putting the sport's 'soul' up for sale.

In a statement issued on Friday, Infantino acknowledged the growing divisions surrounding the proposal.

"Having listened carefully to all the views, it has 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,” Infantino said.

"Our purpose has always been - and will always be - to unite and improve. As a result, this proposal will not proceed."

FIFA had maintained that selling a minority stake would generate billions of dollars to support football development worldwide and argued that the proposal had been misrepresented in sections of the media.

Opposition intensified throughout the week. UEFA's 55 member associations unanimously backed a boycott of FIFA competitions unless the proposal was withdrawn, while CONCACAF also rejected the plan.

The Asian Football Confederation later expressed solidarity with both confederations, leaving FIFA without the majority support required among its 211 member associations.