Zurich: FIFA President Gianni Infantino announced the cancellation of plans to sell a stake in a new subsidiary responsible for overseeing the World Cup and other competitions. The decision was made after the proposal was deemed to have caused divisions, which contradicted its initial purpose.

According to Azerbaijan State News Agency, Infantino shared in a statement on the US social media platform X that the FIFA Forward Enterprise project aimed to bolster FIFA's member associations and global football, especially in regions where support is most required. However, after considering various perspectives, it became evident that the project had led to divisions not aligned with its original goals.

Infantino emphasized the organization's commitment to unity and improvement, stating that due to the emerging divisions, the proposal would not move forward. He expressed his intention to engage stakeholders again with the aim of fostering football development worldwide, particularly in countries needing significant support.

The initial plan involved selling over 20% of the newly proposed $20 billion FIFA Forward Enterprise subsidiary to private investors. FIFA had announced the establishment of this subsidiary to manage the World Cup and other competitions, with the option of offering a stake of up to 20% to external investors.

Infantino, who is 56, has developed a rapport with Donald Trump during the World Cup this year, extending efforts to build relations with the US president, including awarding him FIFA's inaugural Peace Prize in December.