FIFA, the global governing body for football, has reaffirmed its commitment to a controversial investment plan despite widespread criticism from regional confederations. The plan, which involves the creation of a commercial subsidiary, FIFA Forward Enterprise (FFE), aims to allow external investors to purchase minority stakes,up to 20%—in the new entity, which will manage the commercial and event operations of FIFA’s major tournaments, including the World Cup.

Outcry from regional confederations

The proposal has drawn sharp opposition. On Thursday, UEFA,governing European football,voted to boycott all FIFA tournaments if the plan proceeds. UEFA represents 55 member associations (MAs), which are now aligned against the proposal. Concacaf, overseeing football in North and Central America, also rejected the plan, with its 41 MAs joining the opposition.

FIFA responded to the backlash in a statement: “Our planned consultation process was disrupted by incorrect media reports. We will proceed with this consultation process to ensure that each MA has the ability to express its vote based on facts.” It added, “Nobody is selling football.”

Democratic process under scrutiny

The proposed subsidiary, valued at $20 billion, would be funded in part by external investors, who would be invited to make minority, non-controlling investments in FFE. The plan must be approved by a majority of FIFA’s 211 member associations. To pass, the proposal needs 106 votes in favor. Currently, 96 associations,comprising UEFA and Concacaf members,are expected to vote against it.

FIFA emphasized its commitment to an “open and democratic consultation” process. “We respect the feedback and concern aired in public and reaffirm our commitment to an open and democratic consultation,” it said in a statement released on Friday. The organization added that “each MA should be allowed to review the proposal and have a say in shaping their own future.”

UEFA criticizes ‘soul’ of the sport

UEFA has been a vocal critic of the plan, accusing FIFA of putting the “soul” of football up for sale. In a statement, UEFA said it was “caught off guard” by the proposal and questioned the involvement of private investors in managing the sport’s premier competitions.

FIFA reiterated that the FFE proposal is not intended to sell football but to give member associations more control over commercial opportunities. It stated that the initiative was proposed to “ensure that all FIFA Member Associations (MAs) have the opportunity to take meaningful ownership of the commercial opportunity of football in their respective countries, and that this does not come at the cost of either the spirit or the governance of FIFA or football itself.”