FIFA’s proposal to sell stakes in a $20 billion commercial subsidiary has drawn strong criticism from soccer’s regional confederations. The Confederations of North America, Central America, and the Caribbean (CONCACAF) and Asia (AFC) delivered stinging rebukes, saying they learned of FIFA’s equity sale proposal through media reports rather than official channels.

Criticism from Confederations

CONCACAF said it was “deeply concerned” by the lack of due process and that the proposal was designed and shared publicly before any discussion with the relevant governance bodies and stakeholders took place. The AFC also expressed disappointment, saying that such initiatives should be founded upon the principles of good governance, transparency, and meaningful consultation.

FIFA’s move had provoked a furious response from UEFA, which accused the world soccer governing body of putting the game’s “soul” up for sale. UEFA said it was “completely unaware” of the proposal and had no substantive details. The English Football Association (FA) also expressed concern, saying it was “deeply concerned” about the lack of process and governance.

Investment Plan Details

FIFA plans to create a $20 billion subsidiary to run the World Cup and its other events, offering stakes of up to 20% in it to external investors. The subsidiary, called FIFA Forward Enterprise, would oversee commercial and event operations. FIFA would retain control of the enterprise but offer minority stakes to private investors to raise up to $4.2 billion.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.