US financial services company Visa has threatened to withdraw its sponsorship of FIFA following the latest corruption scandal.

Seven football officials have been arrested by US authorities over allegations of bribery, corruption and racketeering.

On Wednesday, an early-morning raid by Swiss police at Zurich five-star hotel Baur au Lac, where several FIFA executives were staying for their annual meeting, took place.

Four men linked to FIFA handed themselves in to police following allegations that bribes of more than £65m were accepted from the 1990s to the present day.

Visa, one of the world governing body's sponsors, has stated that it will cut ties with the organisation if action is not taken.

A statement read: "Our disappointment and concern with FIFA in light of today's developments is profound. As a sponsor, we expect FIFA to take swift and immediate steps to address these issues within its organisation. This starts with rebuilding a culture with strong ethical practices in order to restore the reputation of the games for fans everywhere.

"Visa became a sponsor of FIFA because the World Cup is one of the few truly global sporting events with the power to unite people from around the world through a common love of football.

"Our sponsorship has always focused on supporting the teams, enabling a great fan experience, and inspiring communities to come together and celebrate the spirit of competition and personal achievement, and it is important that FIFA makes changes now, so that the focus remain on these going forward. Should FIFA fail to do so, we have informed them that we will reassess our sponsorship."

Yesterday, UEFA called for Friday's FIFA presidential election to be postponed in light of the corruption allegations.