The International Tennis Federation announced Tuesday that it was abandoning plans for a rival men's tennis tour.
In a statement from its London office, the federation cited "negative and premature public debate" as well as incomplete negotiations with media baron Rupert Murdoch, who would have financed the venture.
The ITF's proposal for the tour, made public less than a week ago, called for 10 mega-events each with a $3.5-million purse. The tour would have directly competed with the ATP tour.
The ATP, which last week described the proposed tour as a power grab, released a statement Tuesday, applauding the ITF's decision and calling for cooperation between the groups.