New Delhi, Aug. 1 -- FIFA, world football's governing body, have withdrawn their plans to sell their stakes to private investors following heavy criticism from continental football federations and member associations.

According to Reuters, FIFA aimed to generate up to $4.2 billion through the sale of roughly a 20% stake in a new commercial unit responsible for managing FIFA events, including the World Cup.

The proposal, unveiled on Tuesday, sparked immediate backlash. UEFA, European football's governing body, threatened to boycott FIFA events and accused the organisation of selling the sport's "soul."

"Having listened carefully ​to all the views, it has become clear that the project has created divisions of a nature that, regardl...