New York, Aug. 1 -- World football governing body FIFA has dropped its proposal to sell a stake in its commercial business after facing strong opposition from several member associations.

The plan aimed to raise to USD 4.2 billion by selling around a 20 per cent stake in a newly created commercial entity that would manage FIFA events, including the FIFA World Cup, valuing the business at approximately USD 20 billion.

The proposal, first unveiled on Tuesday, faced strong opposition from UEFA, European football's governing body.

On Thursday, UEFA voted to boycott the plan and accused FIFA of effectively putting the sport's "soul" up for sale by seeking outside investment in its commercial operations.

"Having listened carefully to all th...