Zurich: The Switzerland-based governing body said on Friday that what it described as “incorrect media reports” had disrupted the consultation process but insisted that all 211 FIFA member associations would be given an opportunity to study and vote on the proposal.

“We will proceed with this consultation process to ensure that each member association has the ability to express its vote based on facts,” FIFA said.

Under the proposal, FIFA would establish a subsidiary called FIFA Forward Enterprise, or FFE, valued at around $20 billion, to oversee the commercial operations of the World Cup and its other tournaments. A stake of up to 20 per cent would be offered to external investors.

Thrive Eternal, a fund operated by Joshua Kushner’s Thrive Capital, is expected to lead the proposed investor group. Joshua Kushner is the brother of Jared Kushner, US President Donald Trump’s son-in-law.

The proposal has triggered fierce opposition from UEFA, which has accused FIFA of putting the “soul” of football up for sale.

On Thursday, UEFA’s 55 member associations unanimously agreed to boycott FIFA tournaments if the investment plan moves forward. The vote came less than two weeks after Spain were crowned World Cup champions.

FIFA rejected UEFA’s criticism, saying it had no intention of selling the sport.

“Nobody is selling football. This is not something FIFA would ever entertain,” the governing body said.

It added that while every organisation had the right to oppose the proposal or seek further clarification, no single confederation could claim to speak for all 211 FIFA members.

“Each member association should be allowed to review the proposal and have a say in shaping their own future. These are the democratic principles of FIFA,” it said.

CONCACAF, which represents 41 associations across North America, Central America and the Caribbean, also rejected the proposal during a meeting on Thursday. However, it stopped short of joining UEFA’s boycott threat.

The Asian Football Confederation separately issued a strongly worded letter to its 47 member associations, warning that the proposal could not succeed without the backing of all six regional confederations.

FIFA President Gianni Infantino informed member associations this week that each federation could receive $40 million if the proposal is approved by September 19.

FIFA stressed that it would not proceed without majority support from its member associations.

It said the proposal was based on three main principles: unprecedented funding for football development, global ownership of the sport’s commercial opportunities and the right of every member association to determine its future through a democratic process.

UEFA and CONCACAF together represent 96 associations, slightly fewer than half of FIFA’s 211 members.