FIFA has responded after 55 UEFA nations threatened to boycott all World Cup competitions over plans to open part of the organization’s commercial future to private investors, as reports surfaced that Gianni Infantino is quickly losing support to remain as FIFA President.

In a statement released at around 11pm ET, world soccer’s governing body maintained “nobody is selling football” as it tried to ease a mounting backlash over proposals to create FIFA Forward Enterprise (FFE), a new commercial entity that could allow private investment for the first time.

Yet, despite strong opposition from Europe, FIFA fell short of scrapping the plans, confirming it will proceed with a consultation process that has triggered one of the biggest governance disputes in world soccer. U.S. Soccer has also rejected Infantino’s plan, while the FIFA President’s right-hand man, Carlos Cordeiro, has quit in protest.

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The developments arrive as mounting reports suggest that Infantino’s position is coming under increasing pressure. According to Sky News, there is a growing sentiment within world football that the FIFA President may not weather the latest controversy, with open rebellion among member associations over the plans.

UEFA declared on Thursday that its opposition to the plans was “unanimous and unequivocal,” warning that no European national teams would take part in FIFA tournaments while the proposal remained under consideration. Responding on Friday, FIFA stated it had taken on board concerns raised by confederations but made clear the consultation process would press on.”We have heard the feedback provided by the respective confederations in relation to the proposed establishment of FIFA Forward Enterprise (FFE) and would like to address the issues that have surfaced since the initial media reporting on Tuesday,” the statement read. “We respect the feedback and concern aired in public and reaffirm our commitment to an open and democratic consultation. Our planned consultation process was disrupted by incorrect media reports. We will proceed with this consultation process to ensure that each Member Association has the ability to express its vote based on facts.”

FIFA maintained that the proposed company was intended to enable member associations to benefit commercially from soccer in their own nations without affecting the governance of the sport.

FIFA added: “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. Nobody is selling football. This is not something FIFA would ever entertain.”

The proposals have nonetheless triggered a significant wave of opposition. Member associations were requested to sign off on the proposal by September 19, with those supporting it potentially set to receive up to 40 million U.S. dollars in development funding ahead of the 2030 World Cup. FIFA’s plan would establish a new $20 billion commercial company to operate its competitions, with a 20 percent stake made available to outside investors. The primary investor is expected to be Thrive Eternal, founded by Joshua Kushner, brother of Jared Kushner, Donald Trump’s son-in-law.

UEFA branded the process “irresponsible and indefensible,” charging FIFA with sidestepping proper governance procedures and trying to fast-track one of the most significant structural overhauls in the organization’s history. European football’s governing body also cautioned that permitting private investors to hold stakes in a FIFA commercial entity could fundamentally alter how the sport is managed, with fears that commercial pressures might lead to larger and more frequent international tournaments.

Its statement read: “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.”

Opposition is no longer confined to Europe. CONCACAF, representing 41 nations across North and Central America and the Caribbean, also shot down the proposal following its own emergency meeting on Thursday, though it stopped short of calling for a full boycott.

The confederation stated that its members had voiced “deep concerns” over the lack of due process, the unrealistically tight timeline, and the failure to secure approval through FIFA’s established governance structures. It also raised questions about why private equity funding was necessary, given what it described as the most profitable World Cup in FIFA history.

With UEFA’s 55 members and CONCACAF’s 41 associations publicly standing in opposition, Sky News reports that at least 90 of FIFA’s 211 member associations are now against the plans. The broadcaster also noted that a majority of CONCACAF members are either losing faith in Infantino or have already done so. Victor Montagliani, CONCACAF’s president, has reportedly emerged as a frontrunner to succeed Infantino should mounting pressure ultimately force him out of office, though no formal succession process has yet been set in motion.

Infantino has publicly championed the proposal, repeatedly arguing that the new framework would benefit member associations by opening up additional commercial opportunities while maintaining FIFA’s governance integrity. A potential European boycott would initially impact September’s Women’s U20 World Cup in Poland, with far-reaching consequences extending to next summer’s Women’s World Cup in Brazil and future men’s FIFA tournaments should the conflict remain at an impasse.