G4S chief Nick Buckles revealed his company will not bid for the security contract for the 2014 World Cup in Brazil during an embarrassing session before the Culture, Media and Sport Select Committee.

Buckles, who labelled his firm's shortfall in provided staff for the fast-arriving Olympics a "humiliating shambles" before MPs in Westminster on Tuesday, has confirmed that the company will not chase the contract for the next massive sporting event.

The security company came under heavy criticism last week after home secretary Theresa May was forced to draft in an extra 3,500 troops to cover the shortfall left by G4S.

Despite the contractual cock-up, the company, which employs over half a million people worldwide, will hang on to its £57 million management fee for the Games.

G4S did not oversee the 2010 World Cup in South Africa, after expressing concerns about the country's organisation of the tournament.

"We are not going to be involved because we don't think the security is going to be that good - they are not that well organised yet," Buckles said in 2009.

Buckles also said the shortfall would mean the country wouldn't submit a bid to organise security for the 2016 Olympics, also to be held in Brazil.

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