FIFA said on Friday it will not proceed with its proposal to sell a piece of its business empire to outside investors after the project was met with fierce resistance from some of its member associations.

FIFA’s plan was to raise up to US$4.2-billion by selling about a 20 per cent stake in a new unit that would run FIFA events including the World Cup, valuing it at US$20-billion.

The proposal, first announced on Tuesday, was strongly opposed by European soccer’s governing body, UEFA, which threatened a boycott and accused FIFA of putting the sport’s “soul” up for sale.

“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,” FIFA President Gianni Infantino said in a statement.

“Our purpose has always been – and will always be – to unite and improve. As a result, this proposal will not proceed.”