Figo, the president of Premier Futsal, has been involved with the multi-city tournament since its first edition in 2016.
"I would like to announce that I am no longer the Honourary President of Premier Futsal, having ceased my relationship with Premier Futsal Management (P) Limited," Figo said in a statement.
"After two years of intense collaboration I have decided to leave the project having in mind the complete failure of their representatives and and officers to fulfill the agreement and, most important, for their continous breach of their obligations towards me and other players involved in the project," he added.
Alleging that Premier Futsal has lost its way, the former Real Madrid star said he will continue to support the development of the game.
"Premier Futsal has completely lost its path to move forward and to fulfil its obligations towards those who worked and delivered on the project," Figo said.
"Nevertheless, I wish to reaffirm my continuing support for the long term development of the game of the futsal," the legendary midfielder added.
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