FIFA scraps $20B investment plan after major backlash

FIFA scraps $20B investment plan after major backlash  CNN

The idea of allowing private investors even a small stake in FIFA flagship events such as the World Cup had been roundly condemned.

FIFA "will not proceed" with plans to sell stakes in a company which would run the commercial and operational aspects of its competitions, a statement from president Gianni Infantino said.

FIFA is shelving a controversial plan that would have allowed for billions of dollars in private commercial investment in the World Cup after the proposal was met with fierce opposition from its member nations.

"Our purpose has always been -- and will always be -- to unite and improve," FIFA President Gianni Infantino said in a statement.