World football governing body FIFA has responded to criticism of its proposed private investment initiative, insisting it will continue an “open and democratic” consultation process with stakeholders.
The reaction came after UEFA indicated it could consider boycotting the World Cup over FIFA’s proposal to create a commercial subsidiary to manage its major tournaments and allow private investors to acquire stakes in the company.
In a statement issued on Friday, FIFA said all of its 211 member associations must be given the opportunity to examine the proposal before any decision is taken.
The organisation rejected claims that it was attempting to sell football, stating that such an action would never be considered by FIFA.
FIFA added that it had received feedback from several confederations, including UEFA and CONCACAF, which oversees football in North and Central America.
According to the statement, the consultation process had been affected by what FIFA described as incorrect media reports, but the organisation said it would proceed with discussions to ensure that member associations vote based on verified information and facts.
FIFA has previously said the proposal could generate up to $20 billion for the FIFA Forward Enterprise (FFE) initiative.
If the plan is approved, each of FIFA’s 211 member associations could receive a one-off payment ranging from $8 million to $20 million.
