FIFA said on Friday it would move forward with its consultation process to bring private investment into the World Cup and its other tournaments in defiance of a fierce UEFA-led backlash against the proposal.
The world soccer governing body on Tuesday announced it planned to create a $20 billion subsidiary to run the World Cup and its other events, offering external investors stakes of up to 20 per cent.
Under the plan, FIFA would establish FIFA Forward Enterprise to oversee commercial and event operations.
The proposal drew strong criticism from regional confederations, which said they had been blind-sided by the plan to bring private investors into the sport.
"Our planned consultation process was disrupted by incorrect media reports. We will proceed with this consultation process to ensure that each MA (Member Association) has the ability to express its vote based on facts," FIFA said in a statement.
European soccer's governing body UEFA, which accused FIFA of putting the sport's "soul" up for sale, on Thursday voted to boycott all FIFA tournaments, along with its 55 member nations.
"Nobody is selling football. This is not something FIFA would ever entertain," FIFA said.
"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."