Soccer-FIFA to proceed with consultation process over stake sale plans

FIFA is moving forward with its consultation process to bring private investment into the World Cup and other tournaments despite a strong backlash from UEFA and regional confederations.

FIFA said on Friday ​it would move forward with its ​consultation process to bring ‌private investment ​into the World Cup and its other tournaments in defiance of a fierce UEFA-led backlash against the proposal. ‌The world soccer governing body on Tuesday announced it planned to create a $20 billion subsidiary to run the World Cup and its other events, offering external investors stakes of ‌up to 20%. Under the plan, FIFA would establish FIFA Forward Enterprise to ‌oversee commercial and event operations. The proposal drew strong criticism from regional confederations, which said they had been blind-sided by the plan to bring private investors into the sport. "Our planned consultation process ⁠was disrupted ​by incorrect media ⁠reports. We will proceed with this consultation process to ensure that each MA (Member Association) has the ⁠ability to express its vote based on facts," FIFA said in a statement. European soccer's governing ​body UEFA, which accused FIFA of putting the sport's "soul" up for sale, ⁠on Thursday voted to boycott all FIFA tournaments, along with its 55 member nations. "Nobody is selling football. ⁠This ​is not something FIFA would ever entertain," FIFA said. "Everyone has the right to express their opposition and to seek further clarification but no single entity ⁠can claim to represent all 211 MAs around the world. "Each MA should be allowed to ⁠review the proposal ⁠and have a say in shaping their own future. These are the democratic principles of FIFA."