Ankara: FIFA President Gianni Infantino has announced the cancellation of plans to sell a stake in a newly proposed subsidiary responsible for overseeing the World Cup and other major competitions. The decision comes after recognizing that the proposal had caused divisions contrary to its original intentions.

According to Azerbaijan State News Agency, the FIFA Forward Enterprise project was initially designed to bolster FIFA's member associations and promote football globally, especially in regions requiring substantial support. The plan included selling more than 20% of the subsidiary, valued at $20 billion, to private investors. However, Infantino emphasized that the divisions created by the proposal made it counterproductive to its foundational goals.

Infantino expressed his commitment to unity and improvement, stating that the proposal would not move forward. He also mentioned plans to bring stakeholders together to continue enhancing football, particularly in countries that need support the most. Despite the setback, Infantino remains focused on growing the sport on a global scale.

Earlier in the week, FIFA introduced the idea of establishing the $20 billion subsidiary, with a potential 20% stake available to external investors. Infantino, who has cultivated a relationship with former US President Donald Trump, had actively worked on strengthening ties with the US, including awarding Trump the FIFA Peace Prize in December.