World football governing body FIFA hit back at critics on Friday, vowing to press ahead with an “open and democratic” consultation with stakeholders on a proposed private investment plan.

European football’s governing body UEFA said it was ready to boycott the World Cup over the proposal to create a commercial subsidiary to run FIFA’s biggest events and allow private investors to acquire stakes in the company.

In a statement, FIFA said all of its member associations should have a chance to consider the plan.

“Nobody is selling football,” FIFA said in the statement.

“This is not something FIFA would ever entertain.”

Read moreInfantino defends FIFA investment plan amid mounting backlash

FIFA said it had heard the feedback from confederations including UEFA and CONCACAF – the governing body for North and Central America. 

“We respect the feedback and concern aired in public and reaffirm our commitment to an open and democratic consultation,” the statement said.

“Our planned consultation process was disrupted by incorrect media reports. We will proceed with this consultation process to ensure that each (member association) has the ability to express its vote based on facts.”

FIFA has said the plan could raise up to $4.2 billion based on a valuation of $20 billion for the FIFA Forward Enterprise (FFE) initiative.

Potential investors reportedly include Thrive Capital, an investment company founded and led by Joshua Kushner, brother of US President Donald Trump‘s son-in-law Jared, as well as an arm of JP Morgan Chase, the US bank that attempted to finance the failed breakaway European Super League.

If approved, the project could provide each of FIFA’s 211 member associations with a one-off payment of $20 million in early 2027 and increase their funding allocation for the 2027-2030 cycle from $8.0 million to $20 million.

(FRANCE 24 with AFP)