The Union of European Football Associations (UEFA) threatened to pull its national teams from FIFA competitions, including the World Cup, if FIFA moves forward with plans to bring private equity into its commercial operations.

Following an emergency meeting Thursday, UEFA said its 55 member associations would boycott FIFA-run tournaments unless the investment proposal is abandoned entirely, calling the plan “irresponsible and indefensible.” The organization added that “football’s future cannot be dictated” by investors seeking financial returns, CNBC reported.

FIFA unveiled the proposal Tuesday, outlining plans to transfer its commercial and event businesses into a new entity, FIFA Forward Enterprise, and sell a 20% stake to outside investors. The governing body said the transaction could raise as much as $4.2 billion.

FIFA President Gianni Infantino defended the proposal in a video released Wednesday, saying the “beautiful game” would not change and describing the investment as “simply a choice for our members” rather than a mandatory decision.

Thrive Eternal, the private equity firm founded by Joshua Kushner, is the expected lead investor, while JPMorgan has also been hired to manage the deal, FIFA stated. 

The proposal has also drawn scrutiny over Infantino’s close relationship with President Donald Trump, CNBC reported.

UEFA also criticized FIFA for announcing the proposal without first consulting its member associations. In its statement, the organization said no UEFA national teams would participate in FIFA competitions “for so long as these proposals remain alive,” unless the plan is withdrawn and FIFA provides binding assurances that it will not pursue private ownership of its governance or competitions in the future.

Concacaf, which governs soccer in North America, voiced similar concerns Wednesday, saying it was disappointed that such a detailed proposal had been made public before discussions with key stakeholders.

“We share the disappointment of many within our region and the game that this level of detail has been designed and shared publicly before any discussion with the relevant governance bodies and stakeholders has taken place,” Concacaf said.

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