Regional confederations left blindsided by FIFA's $20 billion investment plan

July 29 : FIFA's proposal to sell stakes in a $20 billion commercial subsidiary has drawn strong criticism from soccer's regional confederations, which said they were blindsided by the world governing body's plan to bring private investors into the sport.

The Confederations of North America, Central America and the Caribbean (CONCACAF) and Asia (AFC) delivered stinging rebukes on Wednesday, saying they learned of FIFA's equity sale proposal through media reports rather than official channels.

FIFA said on Tuesday that it plans to create a $20 billion subsidiary to run the World Cup and its other events, offering stakes of up to 20 per cent in it to external investors.

Under the plan, FIFA would establish FIFA Forward Enterprise to oversee commercial and event operations.

FIFA, which this year held a 48-team World Cup across the U.S., Canada and Mexico that was the biggest in the tournament's history, would retain control of the enterprise, but offer minority stakes to private investors to raise up to $4.2 billion.

'LACK OF DUE PROCESS'

"CONCACAF was only made aware of this matter through media reports and, subsequently, via a media release. We are deeply concerned by the lack of due process," it said in a statement.

"We share the disappointment of many within our region and the game that this level of detail has been designed and shared publicly before any discussion with the relevant governance bodies and stakeholders has taken place.

"As leaders within football, we are the custodians of the game. Collectively, FIFA, the confederations and every member association have a responsibility to always act in the best interests of the sport.

"Every decision we make must be guided by good governance, robust processes and long-term