FIFA President, Gianni Infantino says the governing body has withdrawn its World Cup investment plan following widespread backlash.
FIFA has scrapped plans to sell a stake in the World Cup to private investors following widespread opposition from football stakeholders.
FIFA President, Gianni Infantino announced the decision on Friday, saying the proposal had become too divisive despite receiving some support.
“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.
The proposal had sought to raise billions of dollars by selling a minority stake in the commercial rights of the World Cup.
However, it drew strong criticism from continental football bodies and officials who warned it could compromise the tournament’s independence.
Following the backlash, FIFA withdrew the plan, bringing an end to the controversy over the future commercial ownership of football’s biggest competition.