FIFA president Gianni Infantino has scrapped the controversial plan to sell a minority stake in the World Cup and other major tournaments to private investors, bowing to a coordinated revolt by continental confederations that threatened to boycott the sport’s flagship event. In a statement on Friday, Infantino said the project had “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” and confirmed the proposal would not proceed.

The plan, first announced in July, would have created a new commercial subsidiary – the FIFA Forward Enterprise – valued at $20 billion and raised up to $4.2 billion by selling roughly a 20 per cent stake. Infantino had offered each of FIFA’s 211 member associations a one-time payment of $40 million to secure their backing, with a deadline set for September. But opposition hardened within days. UEFA’s 55 member associations voted unanimously on Thursday to boycott all FIFA competitions if the plan remained on the table, declaring that the World Cup “cannot be treated as an investment product.” The Asian Football Confederation and CONCACAF – the governing body for North and Central America and the Caribbean – quickly backed UEFA’s stance, creating a bloc that commanded a clear majority of FIFA’s membership.

Internal dissent also mounted. Carlos Cordeiro, Infantino’s senior adviser on global strategy and governance, resigned with immediate effect on Friday, describing the proposal as “a bad deal for football” that would “mortgage football’s future.” FIFA’s chief operating officer, Kevin Lamour, accused Infantino of misleading staff, calling the plan “a project of one person.” British Prime Minister Andy Burnham told reporters that Infantino was “the wrong man to lead the organisation.” The investor group assembled for the deal was led by Thrive Eternal, a fund run by Joshua Kushner – brother of Jared Kushner, U.S. President Donald Trump’s son-in-law – and Trump and Infantino have developed a close working relationship, according to sources cited by multiple outlets.

The collapse of the proposal leaves Infantino politically exposed as he seeks re-election for a fourth term at the FIFA Congress in March. Reports cited by several sources indicate that CONCACAF president Victor Montagliani is considering challenging him. Infantino said he now intends to “bring all interested parties back together in the coming days and weeks in the spirit of shared interest in our game,” with a focus on growing football in countries that most need support.