FIFA defiant over World Cup private investment plan

FIFA says it will push ahead with consultations on a plan to bring private investment into the World Cup and its other tournaments.

This, after Europe's football federation threatens a boycott and other regional confederations, including Asia, issued stinging rebukes of the plan.

Switzerland-based FIFA says "incorrect media reports" had disrupted its planned consultation process but it would press on.

FIFA says it will proceed with this consultation process to ensure each Member Association has the ability to "express its vote based on facts."

FIFA is pushing to create a 20-billion-dollar subsidiary, FIFA Forward Enterprise, to run the World Cup and its other events, with a stake of up to 20% to be offered to external investors.

FIFA says Thrive Eternal, a fund run by Joshua Kushner-founded Thrive Capital, is expected to lead the proposed investor group.

Joshua is the brother of Jared Kushner, US President Donald Trump's son-in-law.

FIFA president Gianni Infantino says all football associations that back the plan by September 19th would receive 40 million dollars each.

European nations agreed Thursday to boycott the World Cup and all other FIFA competitions to protest Infantino's plan.

UEFA and its national associations will not participate in FIFA competitions, the European football body says after an urgent online meeting of its 55 member nations.

The North American football body CONCACAF rejected his plan later the same day.

The Asian Football Confederation says it "stands in solidarity" with its European and North American Counterparts.

It says football should never have been placed in such a position.