FIFA president Gianni Infantino has scrapped his controversial plan to sell stakes in the World Cup to private investors.

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Facing backlash throughout the sport, a World Cup boycott from Europe and criticism from high-ranking officials inside FIFA itself, Infantino said the proposed FIFA Forward Enterprise project “will not proceed.”

The news came Friday night with the governing body releasing a statement “attributable to the FIFA President.”

“The FIFA Forward Enterprise project was intended to provide a basis for further strengthening our FIFA Member Associations and our sport worldwide, especially in those countries where support is most needed,” the statement read. “And more so, as we said from the outset, to do this only if a majority of the FIFA Member Associations were in support and always subject to a consultation process with them, the FIFA Council, the Confederations and wider stakeholders.

“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.

“Our purpose has always been — and will always be — to unite and improve.

“As a result, this proposal will not proceed.”

The statement ended with Infantino saying he plans to “bring all interested parties back together in the coming days and weeks” with the goal of discussing ways to grow the sport of soccer globally.

Infantino’s concession concluded a tumultuous week. The proposal was introduced just Tuesday, with FIFA projecting tens of billions in new investment by bringing together its commercial rights — encompassing broadcast, sponsorship, ticketing and licensing — under a new commercial venture and selling stakes in that venture to private equity.

Infantino had defended his plan as beneficial for member nations that could access increased development money. FIFA also argued that outside investors wouldn’t have an operational role in the tournament and would invest in a subsidiary rather than FIFA itself.

That didn’t soften what many saw as an attempt to hand minority ownership in the world’s biggest tournament to private investors with their own aims.

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Member nations of UEFA (Europe’s governing body) voted to boycott World Cups moving forward if the plan went through. Members of CONCACAF, representing North America, Central America and the Caribbean, also “unequivocally” rejected the proposition.

Carlos Cordeiro, the senior adviser to Infantino for the past five years, resigned earlier Friday in protest of the FIFA Forward Enterprise plans. Cordeiro, 70, is the former president of U.S. Soccer (2018-20) and a Goldman Sachs banker before that.

“Let me be clear: I had no involvement in this proposal, and I oppose it unequivocally. It is 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 wrote in a lengthy statement concerning his resignation.

“Football has been central to my life, and after more than 35 years in banking, I understand both the value of this asset and the consequences of giving part of it away. That is why this proposal should be rejected.”

Cordeiro pointed out that FIFA “sits on billions of dollars in reserves” and carries no debt as an organization.

“If Member Associations believe additional investment is needed to develop the game, FIFA already has the financial capacity to provide that support from its existing resources,” Cordeiro said. “Against that backdrop, selling a permanent stake in football’s most valuable asset to raise $4.2 billion makes little sense. It is mortgaging football’s future without any compelling justification.”

Meanwhile, the chief operating officer of FIFA also blasted Infantino’s desire to introduce private investors into the tournament’s financing, calling it “the project of one person.”

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