FIFA said on Friday it would move forward with its consultation process to bring private investment ​into the World Cup and its other tournaments in ‌defiance of a fierce UEFA-led backlash against the proposal.

The world soccer governing body on Tuesday announced it planned to create a $20 billion subsidiary to run ​the World Cup and its other events, offering external ​investors stakes of up to 20 per cent.

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

The proposal drew strong criticism from regional confederations, which ​said they had been blind-sided by the plan to bring private investors into the sport.

"Our planned consultation process was disrupted by incorrect media reports. ​We will proceed with this consultation process to ensure ​that each MA (Member Association) has the ability to express its vote based on facts," ‌FIFA ⁠said in a statement.

European soccer's governing body UEFA, which accused FIFA of putting the sport's "soul" up for sale, on Thursday voted to boycott all FIFA tournaments, along with its ​55 member nations.

"Nobody ​is selling football. ⁠This is not something FIFA would ever entertain," FIFA said.

"Everyone has the right to express ​their opposition and to seek further clarification but ​no ⁠single entity can claim to represent all 211 MAs around the world.

"Each MA should be allowed to review the proposal and have ⁠a ​say in shaping their own future. ​These are the democratic principles of FIFA."