The football associations of the United Kingdom and the Republic of Ireland have agreed not to bid for the 2030 World Cup.
They will instead focus on a joint bid to host Euro 2028.
The decision comes after the UK government committed £2.8m to a feasibility study of the bid.
Digital, Culture, Media and Sport (DCMS) committee chairman Julian Knight previously described the potential World Cup bid as a “giant, expensive vanity project”.
On Monday he said: “It is unacceptable that £2.8 million of taxpayers’ money has been wasted on a pipe dream which was clearly doomed from the start. Football in the UK needs to settle its reputation at home before they can go after the biggest tournament.”
The feasibility study included an analysis of the economic impact, the political landscape of football and the likely costs of hosting major international tournaments.
Following the study, the football associations of the Republic of Ireland, England, Northern Ireland, Wales and Scotland will focus on an official bid to host UEFA Euro 2028 .
A statement said: “Holding a UEFA Euro offers a similar return on investment, with the European tournament resulting in a much lower cost of delivery and the potential for profits to be realized sooner.
“It would be an honor and a privilege to collectively host Euro 2028 and to welcome all of Europe.
“It would also be a wonderful opportunity to demonstrate the true impact of hosting a world-class football tournament in driving positive change and leaving a lasting legacy in our communities.”
The UK government had previously said it would invest £550million in grassroots football if the 2030 bid was successful, with Prime Minister Boris Johnson hoping to “transform lives with a legacy to match the 2012 Olympics”.
England failed with a bid — led by former captain David Beckham, Prince William and former Prime Minister David Cameron — to host the 2018 World Cup, which was held in Russia.
The UK government said it backed the five football associations’ decision and added it remained “passionate about bringing a World Cup to the UK and Ireland when the time comes”.
Mark Bullingham, the English FA’s chief executive, identified both offers as “brilliant” opportunities but said after assessing “winnability” it was decided to go for Euro 2028.
He added there was also ‘uncertainty’ around future World Cups — football’s world governing body Fifa has offered to stage the tournament every two years under a revamped schedule .
FA of Wales chairman Stephen Williams also said the impact of a successful bid for Wales would be “immeasurable” and leave a “lasting legacy”.
All associations say they will continue to “collaborate” with government partners on next steps.