ZURICH, Switzerland: FIFA has reportedly abandoned plans to sell a minority stake in a new commercial entity after facing widespread opposition from football officials and internal divisions within the organization, according to the New York Post.

The report said the proposed deal, which would have raised up to US$4.2 billion by selling about a 20 percent stake in a new subsidiary valued at $20 billion, is no longer active, citing four sources familiar with the matter.

We could not immediately verify the report. FIFA did not immediately respond to a request for comment.

The proposal, unveiled on July 28, quickly drew opposition led by European football governing body UEFA, which accused FIFA of putting the sport's "soul" up for sale.

On July 31, UEFA's 55 member associations voted unanimously to boycott all FIFA tournaments, less than two weeks after Spain's men's team won the World Cup.

The backlash also exposed tensions within FIFA. Carlos Cordeiro, a senior adviser to FIFA President Gianni Infantino, resigned on July 31 in protest over the proposal, while FIFA Chief Operating Officer Kevin Lamour said staff had been "deceived" by Infantino, describing the initiative as a "project of one person."

FIFA had proposed creating a $20 billion subsidiary, FIFA Forward Enterprise (FFE), to manage the World Cup and its other commercial events. The governing body maintained that "nobody is selling football" and said the proposal had been mischaracterized in media reports.

FIFA had said Thrive Eternal, an investment fund managed by Thrive Capital and founded by Joshua Kushner, was expected to lead the proposed investor group. Joshua Kushner is the brother of Jared Kushner, U.S. President Donald Trump's son-in-law.

Infantino had told FIFA's member associations they would each receive $40 million if they approved the proposal by September 19.

FIFA also said it would not proceed with the plan without the support of a majority of its 211 member associations.