FIFA’s ambitious plan to unlock up to $4.2 billion from ‌private investors by selling a roughly 20% stake in a new entity overseeing competitions including the World Cup ended in retreat on Friday after fierce resistance from stakeholders.

With the plan abandoned, attention has turned ​to the potential repercussions for Infantino, whose bid for another term as FIFA ​president could face increased scrutiny following the failed initiative.

Failure of good governance

Wales ⁠became the first national federation to formally withdraw its support for Infantino.

“The Football Association ​of Wales hereby confirms its withdrawal of support for the candidature of Mr Gianni Infantino, ​for re-election as FIFA President for the 2027–2031 term,” the Welsh FA said in a statement.

“The recent failures in good governance, processes, leadership, values, stakeholder management, communications and sound judgement have led us to a ​position where Mr Infantino has lost the confidence of the FAW to remain at ​the helm of world football.

“Failing to put the best interests of football first is a failure we ‌cannot accept.”

Reuters ⁠has contacted FIFA for comment.

Infantino is under unprecedented fire after regional confederations UEFA and CONCACAF said on Saturday they had lost confidence in his leadership.

The European governing body, which led the backlash to Infantino’s plans and welcomed the decision to scrap it, did not confirm media ​reports that it ​was preparing to take ⁠legal action against FIFA over the issue.

UEFA said it had sent a document preservation order, which stops the destruction of emails, files, ​or data when an investigation is expected.

Infantino had said in April ​he intended ⁠to seek re-election for a fourth term as FIFA chief. Since taking over from Sepp Blatter in 2016, the Swiss has been re-elected unopposed twice and appeared in control of the ⁠body.

While his ​re-election for the 2027-31 term had appeared a formality, ​experts told Reuters the backlash against the failed proposal exposed dissatisfaction among FIFA members and could complicate his path ​ahead of March’s Congress in Morocco.