FIFA announced Friday it will not proceed with a controversial proposal to sell stakes in future competitions to private investors. The decision follows significant opposition from major football confederations and the resignation of a key FIFA official.

FIFA President Gianni Infantino stated that the proposal had created "divisions of a nature that... are no longer in the interest" of the organization's goals. He emphasized that FIFA's purpose has always been to "unite and improve," and therefore, the plan would not move forward.

The announcement comes after UEFA, representing 55 European member associations, voted to boycott all FIFA competitions if the plan persisted. Carlos Cordeiro, a senior advisor to Infantino, resigned earlier on Friday, calling the proposal "a bad deal for FIFA's Member Associations, a bad deal for football, and a bad deal for the long-term future of the game." Cordeiro argued that FIFA already possesses substantial resources, rendering the plan unnecessary and a potential risk to the sport's future.

The potential boycott would have encompassed all FIFA events, including the men's and women's World Cups and the Club World Cup. CONCACAF, the governing body for football in North America, Central America, and parts of South America, also declared its rejection of the proposal after its members met Thursday, citing deep concerns over the process and deadlines.

UEFA's statement was unequivocal: "the World Cup is not for sale." The European confederation declared that "no UEFA national teams will participate in any FIFA competition for so long as these proposals remain alive, unless this proposal has been abandoned in its entirety and binding assurances have been given that FIFA will never again open its governance or competitions to private ownership."

CONCACAF echoed these sentiments, expressing "deep concerns about the lack of due process surrounding the proposal, the artificially short deadline imposed, and the absence of any review or approval by the relevant FIFA governance bodies." The federation highlighted these issues following a meeting of its members.

The proposed sell-off had sparked threats of boycotts and widespread criticism from various stakeholders within the global football community. The swift and unified opposition from major confederations appears to have been decisive in prompting FIFA to withdraw the plan.

This development marks a significant moment in FIFA's governance, highlighting the power of its confederations and the sensitivity surrounding the commercialization of its flagship events. The future of FIFA's financial strategy and its engagement with private investment will likely remain a topic of discussion.