FIFA is shelving a controversial plan that would have allowed for billions of dollars in private commercial investment in the World Cup after the proposal was met with fierce opposition from its member nations.

FIFA confirmed plans to raise $4.2 billion for a new entity controlling the nonprofit’s “commercial and event operations” at a $20 billion equity valuation.

Uefa and UK Prime Minister among critics as Fifa seeks private investment in its competitions

FIFA will continue consultations on private investment for its tournaments. Europe's football federation threatened a boycott over the proposed plan. Other confederations also…