UEFA confirmed the meeting's outcome shortly after The Times reporter Martyn Ziegler, who also broke the news of FIFA's initial plans for the FIFA Forward Enterprise, reported it on Thursday afternoon.
"UEFA and its 55 member associations stand as one. We unanimously and unequivocally reject FIFA’s proposal to transfer ownership interests in the World Cup and other FIFA competitions to private investors," UEFA's statement opened.
"The World Cup cannot be treated as an investment product. It is one of football’s greatest sporting legacies. It has been built over generations by players, national teams and supporters across every continent. No part of it should ever be surrendered to private investors. The World Cup is not for sale.
"It is both irresponsible and indefensible that a proposal of such significance for football was conceived in secret and brought to the brink of approval without any meaningful consultation with those entrusted with stewarding the game. This is not merely a profound failure of leadership, but an abdication of FIFA’s duty as the custodian of world football," UEFA continued.
The 55 UEFA members met in an emergency online meeting on Thursday to discuss FIFA's plans to create the so-called FIFA Forward Enterprise, a $20 billion company that would run the World Cup and its other events and offer up to 20% stakes to external investors.
The FIFA Forward Enterprise, which was created in cooperation with American bank J.P. Morgan Chase and would receive billions in investments from Josh Kushner, son-in-law of U.S. President Donald Trump, would start operations on January 1st after approval of the majority of the 211 FIFA Members and the FIFA Council.
FIFA president Gianni Infantino sent a letter to all 211 FIFA members proposing the FIFA Forward Enterprise. In the letter, Infantino offered a funding package totalling $10 billion that would become available if associations sign up, with each association receiving $40 million. If they refuse to support the proposal, their earnings will be $2.7 billion, almost 75% less.
'The World Cup belongs to football'
UEFA continued its statement by critiquing FIFA's money rush, calling outside investors a threat to the sport's existence.
"The moment external investors acquire ownership interests in FIFA competitions, football changes forever. 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 model has no place in world football. Football’s future cannot be dictated by the expectations of those whose first duty is to maximise financial return. Nor can the interests of national associations, leagues, clubs, players and supporters become subordinate to investor returns. Football cannot mortgage its future for financial gain."
Several members had already spoken out ahead of Thursday's meeting, with Bernd Neuendorf, president of the German DFB and member of the FIFA Council, saying that "we must not allow football to become a plaything for investors", and Frank Paauw, president of the Dutch KNVB, stating that "this marks a line that has been reached and crossed."
UEFA doubled down on Europe's stance on FIFA's investment plans, saying no European team will ever compete as long as the current plans remain on the table.
"Europe’s position is clear. We will never lend this model our legitimacy. No one has the moral authority to sell what they merely hold in trust for the next generation.
"As a result of today’s discussion, no UEFA national teams will participate in any FIFA competition for so long as these proposals remain alive, unless this proposal has been abandoned in its entirety and binding assurances have been given that FIFA will never again open its governance or competitions to private ownership.
"Nobody should be in any doubt: UEFA and its national associations will oppose these plans with absolute determination."
FIFA members have until September 19 to give their approval to FIFA's enterprise plans. Infantino, who'll run for a second term in 2027, would take up a position within the enterprise that'd be akin to the position of NFL Commissioner Roger Goodell, who earns $64 million per year, ten times as much as Infantino.
The meeting has been called one of the most crucial moments in UEFA's history. The European football governing body concluded its statement with a pledge to the fans.
"There are moments when institutions are judged not by what they are prepared to accept, but by what they refuse to compromise. This is one of those moments. Some things are simply too important to sell. The FIFA World Cup belongs to football. It always will. And so long as Europe has a voice, it will never be for sale."