FIFA's World Club Championship due to be held in Spain is likely to be cancelled later today, according to a source close to FIFA.
The tournament, which features the club champions from each continent, was due to be held in Spain in August.
But a source close to FIFA, in Lausanne for the International Olympic Committee meeting, said the 2001 tournament was now expected to be scrapped with FIFA to make an announcement in the next few hours.
The expected cancellation follows the collapse of a rescue plan yesterday aimed at bailing out FIFA's cash-strapped marketing partners ISL.
ISL were left facing bankruptcy after French utilities group Vivendi pulled out of a deal to save the Swiss-based marketing company.
ISL's collapse left the World Club Championships in doubt because the competition has no sponsors in place.
The World Club Championships has been a favourite project of FIFA president Sepp Blatter. The first edition of the tournament was held in Brazil last year, with Corinthians defeating Vasco da Gama on penalties 4-3. AFP