Fifa's key sponsors, including Adidas, Coca-Cola, Sony and Gazprom are facing increasing calls to put pressure on the football governing body as corruption allegations have mounted.
Seven top FIFA officials were arrested in a dawn raid at a swanky hotel in Zurich on Wednesday. This group includes top executives like Jeffrey Webb, FIFA's Vice President.
The suspects face possible extradition to the United States.
The US Department of Justice has already issued a 47-count indictment charging 14 defendants with racketeering, wire fraud and money laundering.
The FBI wants to question the suspects over alleged bribes totaling more than 150 million US Dollars linked to commercial deals dating back to the 1990s. The allegations mainly focus on football tournaments in the United States and Latin America.
One of the top sponsors Coca-Cola says the World Cup had been "tarnished" by "lengthy controversy."
Visa is threatening to "reassess its relationship" with the football governing body.
South Korean firm Hyundai Motor Company, the sole Asian Fifa partner for the 2018 World Cup to be held in Russia, says it is extremely concerned.
The bribery scandal could expand. A shadow has been cast over Nike's involvement with FIFA as investigators allege a leading sportswear company alone paid over 160 million dollars in bribes over 10 years to become the Brazil team's exclusive footwear and apparel supplier.
Argentine football legend Diego Maradona summed up the disgust felt by the players – both past and present – saying that corruption has become entrenched in the football governing body, like a cancer.
"The FIFA spokesperson said that they were the ones that called for the investigation. Liars, liars, it took them by surprise. You know I believe that they (FIFA) hate football, they hate transparency, enough with the business deals, enough lying to people and making a 'dinner show' to re-elect Sepp Blatter."
But Despite the turmoil, FIFA is set to go ahead with Friday's vote for the presidency, in which current Fifa president Sepp Blatter is seeking a fifth term.
Blatter has been strongly rebuked by several members of FIFA, mainly the European football governing body Uefa.
UEFA is calling for Friday's vote to be postponed and has even threatened to boycott Friday's vote.
UEFA General Secretary Gianni Infantino says Friday's vote risks becoming a "farce."
"UEFA shows this FIFA the red card. Today's events are a disaster for FIFA and tarnish the image of football as a whole. UEFA is deeply shocked and saddened by them. These events show, once again, that corruption is deeply rooted in FIFA's culture. There is a need for the whole of FIFA to be "rebooted" and for a real reform to be carried out."
The crisis has cast doubts over Blatter's leadership of FIFA.
Many say Blatter's insistence on holding on to the top seat at FIFA will only exacerbate problems.
For CRI I'm Poornima Weerasekara.
