'This Proposal Will Not Proceed': FIFA Withdraws $4.2 Billion Commercial Stake Sale Plan After Fierce UEFA & Member Opposition

New York: World football governing body FIFA has dropped its proposal to sell a stake in its commercial business after facing strong opposition from several member associations.

The plan aimed to raise to USD 4.2 billion by selling around a 20 per cent stake in a newly created commercial entity that would manage FIFA events, including the FIFA World Cup, valuing the business at approximately USD 20 billion.

The proposal, first unveiled on Tuesday, faced strong opposition from UEFA, European football's governing body.

On Thursday, UEFA voted to boycott the plan and accused FIFA of effectively putting the sport's "soul" up for sale by seeking outside investment in its commercial operations.

"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," FIFA President Gianni Infantino said in a statement late on Friday evening.

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

Earlier on Friday, FIFA President Gianni Infantino's senior adviser, Carlos Cordeiro, resigned with immediate effect, calling the proposal "a bad deal for football."

FIFA Chief Operating Officer Kevin Lamour also criticised the plan, saying staff had been "deceived" by Infantino and describing the proposed sale as "the project of one person."

(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)