FIFA announced on Friday that it will not proceed with a proposal to sell a piece ‌of its business operations to ‌outside investors, after the project was met ‌with fierce resistance from multiple member associations.

The plan was expected to raise up to $4.2 billion by selling 20% stake in a new unit that would run the FIFA World Cup and other events, valuing the venture at $20 billion.

The scheme, unveiled on Tuesday, drew fierce opposition from European football's governing body, UEFA, which threatened a boycott and accused FIFA of putting the sport's "soul" up for sale. The Asian Football Confederation and North America's CONCACAF also rejected the arrangement.

"The project has created divisions that are no longer in the interest of our original objectives," FIFA President Gianni Infantino admitted in a statement. "Our purpose has always been to unite and improve. 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 Chief Operating Officer Kevin Lamour said staff members were "deceived" by Infantino, describing the scheme as a "project of one person".

Reelected unopposed in 2019 and 2023, Infantino is eligible for one more four-year term under FIFA statutes. The deadline to enter the next presidential race is November 18, four months before the vote in Rabat, Morocco, where FIFA's African headquarters is located.