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Fifa World Cup plans: Gianni Infantino scraps private investment proposal after widespread opposition
Fifa president Gianni Infantino says he has scrapped the controversial plan to sell off stakes in the governing body's major competitions, following widespread opposition.
Infantino said it had become clear the project had "created divisions" that are "no longer in the interest" of its original objective.
The Swiss official added: "As a result, this proposal will not proceed."
Infantino had offered all 211 member associations $40m (£30m) if they backed a proposal for private investment in its tournaments, including the men's and women's World Cups.
European football's 55 member associations, Uefa, voted on Thursday to boycott World Cups if the plans went ahead.
Fifa's chief operating officer Kevin Lamour said the governing body's own administration had been "deceived" about the project.
Carlos Cordeiro - Infantino's senior adviser on global strategy and governance - resigned over the matter, saying the proposal was "a bad deal for football" and would "mortgage football's future".
Concacaf, which governs football in North, Central America and the Caribbean - and hosted this summer's World Cup - said its members "rejected" the proposal, with sources saying the vast majority of associations from the region are losing, or have lost, faith in Infantino.
The Asian Football Confederation (AFC) said it stood in "solidarity" with Uefa and Concacaf, while UK Prime Minister Andy Burnham said Infantino was "the wrong man" to lead Fifa.
Infantino, 56, is now under immense pressure as he seeks re-election for a fourth term as president at the Fifa Congress in March.
He said he now intends to "bring all interested parties back together" in the "spirit of shared interest" in football.
Despite rejections from Uefa and Concacaf, Fifa initially vowed to continue with its proposals on Friday, saying "nobody is selling football".
However, in announcing the plans had been scrapped, Infantino acknowledged he needed the backing of the majority of Fifa member associations - meaning 106 of its 211 members needed to vote in favour.
Uefa has 55 votes, Concacaf has 35 and Asia has 46.
If all member associations backed the stance of their governing body, that would have meant 136 nations voting against Infantino's plan.
Fifa and Infantino wanted to create a commercial subsidiary to run its main events, including its World Cups, with external investors able to buy stakes in it.
It said it would "invite third parties to make minority, non-controlling investments" in a new subsidiary - Fifa Forward Enterprise (FFE).
Infantino set a deadline of 19 September for football federations to accept his plans if they wanted to access an initial $20m (£15m).
A 25-page document created by investment bank JP Morgan laid out how Fifa's tournaments would expand to hit an estimated increased payout of 24m euros (£20.5m) per member association in the 2035-2039 cycle.
Fifa said Thrive Eternal was expected to lead the proposed investor group for FFE.
Thrive is an American venture capital firm founded by Joshua Kushner - the brother of US President Donald Trump's son-in-law Jared.
Trump - addressing the proposals for the first time on Friday - said he had not spoken to Infantino about the plans.
It is understood Infantino even left some of Fifa's eight vice-presidents in the dark about his plan, which it is claimed could have raised $10bn (£7.5bn).
Saturday, 1 August — Infantino releases statement at about 00:30 BST on Saturday, saying the plan will not proceed.
Infantino became Fifa president in 2016 when he beat AFC president Sheikh Salman al-Khalifa by 115 votes to 88.