FIFA has vowed to press ahead with its plan to sell stakes in the World Cup and other tournaments to private investors, despite an agreement by European countries to boycott FIFA-organised competitions in protest against the proposal.

The ongoing loggerheads began earlier this week when FIFA said that it was exploring a proposal that will “invite third parties to make minority, non-controlling investments” in a new subsidiary—FIFA Forward Enterprise—to “consolidate” its commercial and event operations.

The decision immediately prompted strong statements from the European football governing body, UEFA, opposing the project before reaching an agreement on Thursday with all 55 member nations to boycott FIFA tournaments until President Gianni Infantino withdraws the plan.

The Confederation of North, Central America and Caribbean Association Football (CONCACAF) also came out against FIFA’s proposal, with its 41 members firmly rejecting the idea of selling the World Cup to private investors following an emergency meeting on Thursday.

In response to the growing opposition, FIFA said in a statement on Thursday that it acknowledged the feedback from UEFA, CONCACAF and others about its proposal but maintained that the governing body will proceed with the consultation process involving its 211 member associations about the potential sale.

“We have heard the feedback provided by the respective confederations in relation to the proposed establishment of FIFA Forward Enterprise (FFE) and would like to address the issues that have surfaced since the initial media reporting on Tuesday,” FIFA stated. “We respect the feedback and concern aired in public and reaffirm our commitment to an open and democratic consultation. Our planned consultation process was disrupted by incorrect media reports. We will proceed with this consultation process to ensure that each MA has the ability to express its vote based on facts.”

Additionally, FIFA rejected the public sentiment that it is selling football, while stating that UEFA has no right to speak on behalf of other confederations.

“Nobody is selling football. This is not something FIFA would ever entertain. 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,” FIFA explained.