The opposition to FIFA’s proposed $20 billion investment plan continues to grow, with CONCACAF becoming the latest confederation to reject the proposal.

In a statement, CONCACAF said it does not support FIFA’s plan to create a new commercial entity that would own the rights to the FIFA World Cup and other competitions before selling minority stakes to private investors. The confederation stressed that football’s long-term interests must take priority over short-term financial gains and called for greater transparency and consultation before any decision is made.

UEFA and its 55 member associations have unanimously announced that they will boycott the FIFA World Cup and all other FIFA competitions if FIFA proceeds with its controversial plan to sell stakes in its competitions to private investors.

The row stems from FIFA’s proposal to create FIFA Forward Enterprise (FFE), a new company valued at $20 billion that would manage the commercial rights of the FIFA World Cup and other FIFA tournaments. FIFA intends to sell up to 20% of the company to outside investors, raising billions of dollars that it says will be used to expand football development worldwide.