European football chiefs say they have lost confidence in Fifa boss Infantino
Fifa's proposals – championed by Infantino – had triggered a backlash from regional confederations who said they were unaware of the plans to raise up to €3.4 billion by selling a 20 percent stake to private investors in a new unit that would run Fifa events, including the men's and women's World Cup.
Uefa's 55 members unanimously rejected the Fifa proposals on Thursday.
And on Saturday, Uefa hailed Fifa's retreat as a victory for football.
"The currentFifa leadership has not only lost Uefa's confidence but also that of many other members of the football family," Uefa said in a statement.
"Uefa thanks all the fans, leagues, clubs, players, individuals, associations and confederations that opposed the scheme, alongside the many prime ministers, heads of state and commentators who have demonstrated to the Fifa president that football is not for sale.
"We cannot keep going on like this with secret schemes on fast-track timescales, cooked up by faceless individuals and of dubious benefit to the game. We must identify those responsible and hold them to account."
Questions over Infantino's future
The climbdown raised questions about Infantino's future as president of Fifa.
The 56-year-old took over in 2016 from Sepp Blatter. He has been re-elected unopposed twice and appeared firmly in control of the 122-year-old organisation as he seemingly cruised to a fourth term between 2027 and 2031.
"He's obviously been kind of egomaniacal in everything that he's done, sports marketing analyst Bob Dorfman told Reuters news agency.
"I know that he's rubbed many of the member associations the wrong way with some of his decisions."
Victor Matheson, a sports business expert at the College of the Holy Cross in Worcester, Massachusetts, said: "It's hard to think of a situation where a person's political fortunes changed so rapidly.
"As close as two weeks ago, he's riding on top of the world after the most successful sports mega event in the history of this planet.
"And just two weeks later, he's fighting for his political life."
Uefa recalls Infantino pledges
The Uefa statement highlighted Infantino's pledges when he became boss of the Zurich-based body.
He vowed to work with transparency and said Fifa's money belonged to the national associations.
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"On both these promises, he has failed to deliver," said the Uefa statement.
"The shabby, back-room, opaque deal he hatched and tried to force through was anything but transparent.
"And with reserves standing at over €4.3 billion, he has also failed to use associations' money for the benefit of the game.
"Uefa will begin work immediately with partners and stakeholders all over the world and right across the game to propose a new way of distributing resources through the existing Fifa Forward programme."
Neither Fifa nor Infantino have commented on Uefa's statement.
Fifa plan runs into trouble
Details of Infantino's plans emerged on Wednesday and were met with opposition from regional confederations who complained they had not been consulted on a move that could alter the commercial structure of world football.
After initially blaming the media for misreporting the proposals and vowing to press ahead with the plans, Infantino issued a statement on Saturday saying that he would abandon the project.
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"Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place,” Infantino added.
Infantino's climbdown welcomed
Sheikh Salman bin Ebrahim Al-Khalifa, the boss of the Asian Football Confederation boss, welcomed Fifa's move.
"The future of global football must always be shaped through proper consultation, collective dialogue and respect for the established governance structures of our game."
Football Australia chairman Anter Isaac echoed Al-Khalifa.
"Football has never stood still, nor should it," he said. "Some principles, however, should never change. Integrity. Independence. Good governance. Transparency. Meaningful consultation. Due process.