FIFA President Gianni Infantino has said that the world football's governing body has scrapped plans to sell a stake in the World Cup to private investors after widespread backlash.

"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," Infantino said on Friday

"Our purpose has always been — and will always be — to unite and improve," FIFA President Gianni Infantino said in a statement.

"As a result, this proposal will not proceed."

On Tuesday, FIFA said it plans to establish a $20 billion subsidiary to manage the World Cup and its other competitions, with up to a 20 percent stake to be offered to external investors. The sale would raise as much as $4.2 billion.

Opposition to FIFA plan

UEFA and all 55 European associations rejected the proposal and threatened to boycott FIFA competitions unless it is abandoned.

Confederation of North, Central American and Caribbean Association Football (CONCACAF) and its 41 associations also rejected it, citing concerns over transparency, governance and the lack of proper consultation.

The Asian Football Confederation, representing 47 associations, joined UEFA and Concacaf in opposition. Together, the three confederations represent 143 of FIFA’s 211 members.

The Confederation of African Football (CAF) stopped short of rejecting the proposal and said it will evaluate the plan at an executive committee meeting next week.

The Oceania Football Confederation (OFC) also said it would discuss the issue at its August executive meeting.

South America’s CONMEBOL said the South American governing body has launched consultations with its ten member federations and called a Council meeting to review the matter.

Opposition has also extended beyond confederations.