Concacaf has rejected a controversial FIFA proposal to bring in private investment, dealing another major blow to the deal following UEFA's boycott announcement earlier in the day.
The governing body of North American, Central American and Caribbean soccer convened a meeting of the presidents of its 41 member associations on Thursday, July 30.
After the meeting, Concacaf released a statement that confirmed it would not support the proposal, citing the rushed process behind its release earlier this week.
"During the meeting, the membership expressed deep concerns about the lack of due process surrounding the proposal, the artificially short deadline imposed, and the absence of any review or approval by the relevant FIFA governance bodies," Concacaf
said.
"In addition, the need for private equity investment to fund new and existing FIFA Forward programs following the most profitable FIFA World Cup in history was questioned.
"The discussion reinforced the need for greater transparency and proper governance. For these reasons, Concacaf and its 41 member associations have rejected the proposal."
Concacaf did not go as far as UEFA, which announced earlier in the day that its 55 member associations will boycott all FIFA competitions, including World Cups, until the proposal is killed.
Still, the announcement was another sign that the proposal may be doomed without major changes.
The plan needs a simple majority of FIFA's 211 member associations to pass. But with UEFA and Concacaf's members out, there are already 96 votes in opposition.
In the meantime, an official decision from Africa, Asia, South America and Oceania has not yet been announced.
What is FIFA's private investment proposal?
The proposal would see FIFA create a subsidiary called FIFA Forward Enterprise (FFE).
FFE would control much of FIFA's most lucrative enterprises for its tournaments, including the World Cup. FFE would run commercial and event operations, including broadcast, sponsorship, ticketing and licensing deals.
In order to cash in on the value of the new subsidiary, FIFA is looking to bring in outside investors for the first time in the organization's history.
FIFA has said its goal is to initially raise $4.2 billion for FFE, which would be based on a $20 billion valuation.
The proposal has been hugely controversial, with UEFA outlining many of the objections in its statement on Thursday.
"The moment external investors acquire ownership interests in FIFA competitions, football changes forever," the European governing body said.
"Commercial return becomes a permanent obligation. Investor expectations become a daily pressure. From that moment onwards, every decision on the international calendar, every decision on competition formats and every decision shaping the future of football is no longer driven by what best serves the game, but by what best serves shareholders."
This article originally appeared on USA TODAY: Concacaf rejects FIFA private investment proposal in another major blow
