FIFA President Gianni Infantino has withdrawn his controversial proposal to sell minority stakes in the governing body's major competitions after widespread opposition from football's regional confederations.
Infantino says it had become clear the proposal had created divisions that were no longer in the interest of its original objective.
He says, as a result, this proposal will not proceed.
The proposal would have seen FIFA create a new commercial subsidiary to manage its major competitions, including the men's and women's FIFA World Cups, with private investors able to buy minority stakes.
Infantino had also offered FIFA's 211 member associations up to US$40 million in future funding if they supported the proposal.
However, UEFA's 55 member associations voted to boycott FIFA World Cups if the plan went ahead, while Concacaf rejected the proposal and the Asian Football Confederation backed UEFA and Concacaf's position.
FIFA Chief Operating Officer Kevin Lamour also admitted the organisation's administration had been deceived about the project.
Infantino says he will now work to bring all interested parties back together in the spirit of shared interest in football.
The FIFA President is seeking re-election for a fourth term at the 77th FIFA Congress in March next year.
Source: BBC Sport
