July 31 (UPI) — FIFA on Friday said it would proceed with consultations on its proposed private-investment plan after soccer’s governing body in Europe voted to boycott all FIFA competition if the proposal remained under consideration.

“Nobody is selling football,” FIFA said in a statement. “This is not something FIFA would ever entertain.”

The international soccer community was thrown into turmoil Wednesday when FIFA announced that it was considering creating a FIFA Forward Enterprise subsidiary to house its commercial and event operations, including the World Cup.

FIFA said it would invite third parties “to make minority, non-controlling investments in FFE.”

The response from the soccer world was swift, with the Union of European Football Associations on Thursday saying it and its 55 member associations “unanimously and unequivocally reject FIFA’s proposal to transfer ownership interests in the World Cup and other FIFA competitions to private investors.”

“The World Cup cannot be treated as an investment product,” it said in a statement. “It is one of football’s greatest sporting legacies.”

It said no UEFA national teams would participate in any FIFA competition as long as the proposal remains alive.

“The FIFA World Cup belongs to football. It always will. And so long as Europe has a voice, it will never be for sale,” it said.

Concacaf, soccer’s governing body for North America, Central America and the Caribbean, whose region held the Wold Cup earlier this month, said its members had met and rejected the proposal.

“Concacaf reaffirms that football’s future — and its greatest asset — must remain in the hands of our football family,” it said in a statement.

In its Friday statement, FIFA said they “respect” the feedback and concerns but suggested they had been influenced by “incorrect media reports,” and said it would proceed with the consultation process.

“FFE has been proposed solely to ensure that all FIFA member associations have the opportunity to take meaningful ownership of the commercial opportunity of football in their respective countries, and that this does not come at the cost of either the spirit or the governance of FIFA or football itself,” 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.”