Greg Dyke watch: Fifa announce FA chairman has returned the £16,000 watch he was given as a gift

Fifa's ethics committee has confirmed they have received the watch and have closed proceedings on the matter

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Fifa has announced that Football Association chairman Greg Dyke has returned a £16,000 watch he was given as a gift.

Dyke was given one of a limited edition of Parmigiani watches by the Brazilian FA during a Fifa Congress meeting in Sao Paulo during the World Cup - with 65 handed out in goodie bags totalling more than £1million.

When the watches were recalled, Dyke initially refused to hand his back having promised to donate it to the FA's official charity partner, Breast Cancer Care, so that it could be auctioned.

Fifa president Sepp Blatter in Northern Ireland on Saturday

But, with the threat of sanctions if he did not return the watch, Fifa's ethics committee has confirmed receipt of the item and has now closed proceedings on the matter.

"Mr Greg Dyke has returned the CBF Parmigiani watch. As a consequence, the adjudicatory chamber of the Fifa Ethics Committee has decided to close the proceedings in respect of a possible breach of the Fifa Code of Ethics," the Fifa statement, issued on Tuesday afternoon, read.

Dyke insisted he was unaware of the value of the gift when he first received it and, once made aware, said he would allow it to be auctioned for Breast Cancer Care, the official charity partner of the FA - who are looking to raise £500,000 for their cause before next summer.

After six months of legal wrangling Dyke has now relented and the item has been returned, whilst it is understood all of the watches will now be auctioned for a Brazilian charity and that Dyke will make a personal donation to Breast Cancer Care.