FIFA President Gianni Infantino has said he has abandoned a controversial plan to sell stakes in major competitions after widespread opposition.
Infantino said it had become clear that the project had "created divisions" that were no longer in the interest of its original objective.
"As a result, this proposal will not proceed," Infantino said.
The Swiss had promised all 211 national football federations $40 million each if they supported a proposal for private investment in FIFA tournaments, including the World Cup.
Shaikh Salman bin Ebrahim Al Khalifa, president of the Asian Football Confederation, welcomed the withdrawal from the plan.
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"The future of global football must be shaped forever through proper consultation, collective dialogue and respect for the established governance structures of our game," said Shaikh Salman.
UEFA's 55 national member federations voted on Thursday to boycott the World Cup if the plans went ahead.
FIFA's chief operating officer, Kevin Lamour, said that FIFA's own administration had been misled about the project.
Carlos Cordeiro, a senior adviser to Infantino, resigned over the issue, stressing that the proposal was a bad deal for football and would "mortgage the future of football".
The reactions from Cordeiro and Lamour came after two other major confederations opposed Infantino's plans.
In addition to UEFA, the proposal was also opposed by CONCACAF, which governs football in North, Central America and the Caribbean, as well as the Asian Football Confederation (AFC).
Infantino is now under immense pressure as he seeks re-election for a fourth term as president at the FIFA Congress in March. He said he now aims to unite all stakeholders in a spirit of shared interest in football.
Despite rejection from UEFA and CONCACAF, FIFA initially pledged to press ahead with its proposals on Friday, saying "nobody is selling football."
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However, in announcing that the plans had been scrapped, Infantino admitted that he needed the support of a majority of national federations. 106 of the 211 national federations had to vote in favour. And that became impossible when the Asian confederation joined UEFA and CONCACAF.
UEFA has 55 votes, CONCACAF 35 and Asia 46.
Infantino wanted to create a commercial arm to run major FIFA events, including the World Cup, with outside investors able to buy shares. The arm was planned to be called “Fifa Forward Enterprise (FFE),” and third parties would not be major shareholders.
Infantino set a deadline of September 19 for national federations to accept the plan if they wanted to receive an initial benefit of $20 million.
Thrive Eternal was set to lead the proposed investor group for FFE. The US firm is founded by Joshua Kushner, the brother of Jared Kushner, son-in-law of US President Donald Trump.
Trump said Friday that he had not spoken to Infantino about the plans. Infantino and Trump are very close.
Infantino has been at the helm of FIFA since 2016. Before this dramatic week, Infantino was expected to be re-elected unopposed. It remains to be seen whether the failed plan will cost Infantino his position.
In his statement, Infantino reiterated that the plan was designed to strengthen national federations, especially in countries where support is most needed.
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"Our goal has always been, and always will be, to unite and improve," Infantino said in the statement withdrawing from the plan.
