Gianni Infantino, president of world football's governing body FIFA, announced early on Saturday morning the withdrawal of the "FIFA Forward Enterprise" project, which had aimed to create a commercial entity allowing private sector investors to be involved in the commercial rights of FIFA competitions, after opposition to the proposal escalated over the past few days.
Infantino said in an official statement: "The FIFA Forward Enterprise project was intended to provide a basis for continuing to strengthen our FIFA member national associations, and football all around the world, particularly in the countries that need support the most."
He continued: "Moreover, as we made clear from the outset, this would only have proceeded if the project enjoyed the support of a majority of FIFA's member national associations, and it would always be subject to a process of consultation with them, and with the FIFA Council, the confederations and all other stakeholders."
The president of the international federation added: "After listening carefully to all views, it has become clear that the project has created divisions, of a nature that make its continuation, regardless of the level of support it enjoys, no longer in the interest of the goal for which it was established from the beginning."
He went on: "Our objective has been, and will always remain, to unite and develop the game. Accordingly, this proposal will not be taken forward."
Infantino concluded: "In the next phase, I intend to bring all concerned parties together again over the coming days and weeks, in a spirit of care for the common interest of football, and with the aim of continuing to develop the game all around the world, particularly in the countries that are most in need of our support."
Opposition to Infantino's plan hardened sharply in recent hours. The scheme would have created a new company called FIFA Forward Enterprise, folding FIFA's commercial operations and its tournament organisation into one entity while handing private sector investors a stake in it.
UEFA, European football's governing body, threatened to boycott FIFA tournaments if Infantino pressed ahead. The Asian confederation and CONCACAF opposed it too.
American Carlos Cordeiro, a senior adviser to the FIFA president, resigned over the proposal. Frenchman Kevin Lamour, FIFA's chief operating officer, also criticised it.
