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 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”.
That came after two other major confederations spoke out against the plans.
Concacaf, which governs football in North and 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.
Infantino’s plans were unlikely to pass.
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.
That became unlikely when the AFC joined Uefa and Concacaf in opposing the plans.
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.
The governing bodies in Africa (CAF) and Oceania (OFC) had said they would discuss Fifa’s plan in August.
The governing body overseeing football in South America, Conmebol, said it had asked Fifa for “additional information and clarifications” regarding the “scope, structure, governance and possible effects” of the proposals.
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