FIFA and its president, Gianni Infantino, faced fierce backlash across the football world over plans to sell a stake in World Cup.

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World football’s governing body, FIFA, has said it will not proceed with its proposal to sell a piece of its business empire to outside investors after the project ⁠was met with fierce resistance from some of its member associations.

FIFA’s plan was to raise up to $4.2bn by selling about a 20 percent stake in a new unit that would run FIFA events including the ‌World Cup, valuing it at $20bn.

The proposal, first announced on Tuesday, was strongly opposed by European football’s governing body, UEFA, which voted on Thursday to boycott FIFA competitions.

In a statement, UEFA said that it was “irresponsible and indefensible that a proposal of such significance for football was conceived in secret”.

The Switzerland-based organisation’s statement also accused FIFA of putting the sport’s “soul” up for sale.

“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.”

Earlier on Friday, ⁠Infantino’s senior adviser Carlos Cordeiro resigned with ⁠immediate effect, calling the plan “a bad deal for football”.

FIFA’s Chief Operating Officer Kevin Lamour said staff were “deceived” by Infantino, describing the proposal as a “project of one person”.

British Prime ‌Minister Andy Burnham, meanwhile, told reporters on Friday that Infantino was “the wrong man to lead the organisation”.

The nature of the backlash towards FIFA’s plans immediately raised doubts about Infantino’s position.

The 56-year-old, who was born in Switzerland to Italian parents, was already under pressure due to his perceived relationship with United States President Donald Trump during the 2026 World Cup.

Trump revealed that he called Infantino about a red card shown to USA star Folarin Balogun, which was thereafter suspended for a year, and the forward was free to play in his country’s next World Cup match.

The expectation for FIFA’s private investment scheme was that Joshua Kushner, the founder of Thrive Capital, would lead the proposed venture capital group via a fund called Thrive Eternal.

Joshua is the brother of Jared Kushner, son-in-law of President Trump.

President Trump ⁠said on Friday at Camp David that he ‌did not speak with Infantino about FIFA offering ⁠stakes to ⁠external investors.

Infantino is due to stand for re-election for a final term through 2031, and was expected to be unopposed following the overall success of the recent World Cup, which was cohosted by the US, Canada and Mexico.

The fallout from FIFA’s proposal, however, has resulted in questions, albeit not fully overt, about Infantino’s role.

The Asian Football Confederation (AFC) had been a key ally for Infantino in his 11-year presidency, but in their statement of opposition to the private investment plans came the recommendation that FIFA must urgently review its management style.

“[The plans] exposed fundamental weaknesses in FIFA’s consultation and decision-making processes that must now be addressed,” said the statement from the AFC.

“Accordingly, the AFC calls upon FIFA to undertake an urgent review of its governance and decision-making framework”.

Sheikh Salman bin Ebrahim Al Khalifa, the AFC’s longtime president, narrowly lost the FIFA presidential election to Infantino in 2016.

The Bahraini said in his own statement on Thursday that FIFA’s plans were “totally unacceptable”.

His statement added, “FIFA’s unilateral actions appear to undermine the very foundations of continental football, which are based on solidarity, cooperation and transparency.”

North American ‌football chief Victor Montagliani, meanwhile, has been linked with a move to ⁠challenge ⁠Infantino for the FIFA presidency in next March’s election.

Infantino said in April he ‌would seek a fourth term as FIFA president, with the election scheduled to take place in Morocco on March 18 next year.

The deadline for potential candidates to declare in a presidential vote of the 211 members is November 18.