GENEVA, Aug. 1 (Xinhua) -- FIFA President Gianni Infantino on Saturday announced the withdrawal of the proposed FIFA Forward Enterprise (FFE) project, which would have established a commercial subsidiary to manage FIFA's major competition rights and open part of the company's equity to external investors.

The withdrawal came after strong opposition from UEFA, several other continental confederations and key figures within FIFA.

In a statement, Infantino said FIFA had carefully considered stakeholder feedback and concluded that the project could no longer serve its original purpose.

"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," Infantino said.

"Our purpose has always been - and will always be - to unite and improve."

"As a result, this proposal will not proceed," he added.

FIFA unveiled the FFE proposal on Tuesday, proposing a new commercial entity to operate the commercial rights of flagship competitions, including the World Cup, with outside investors able to acquire a stake.

The proposal quickly provoked debate as UEFA, CONCACAF and the AFC issued statements opposing the plan. UEFA warned its member-association teams could withdraw from FIFA competitions if the proposal were not scrapped. CONMEBOL later sought clarification.

The proposal also drew criticism from within FIFA. Senior adviser Carlos Cordeiro resigned in opposition, saying he did not support the initiative. Chief Operating Officer Kevin Lamour, a longtime colleague of Infantino at both FIFA and UEFA, also criticized the lack of transparency surrounding the project.

Faced with growing resistance, Infantino decided to abandon the proposal.

"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," Infantino said.

"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," he added.

According to FIFA, the proposed project could raise the FIFA Forward funding from the currently budgeted eight million dollars per association to 20 million dollars for the 2027-30 cycle, followed by 22 million and 24 million dollars in the subsequent two cycles.

Infantino said he would now focus on rebuilding consensus among all stakeholders and continuing efforts to develop football globally.

"Moving forward, my intent is to bring all interested parties back together in the coming days and weeks in the spirit of shared interest in our game, and with the objective to continue growing football everywhere, particularly in those countries that mostly need our support," he said. ■