FIFA issued a statement commenting on the European Union's position regarding the boycott of the World Cup and international tournaments in light of the new decision.
FIFA had sparked widespread controversy in the football world due to its decision two days earlier to sell shares of the World Cup to private sector investors, causing a massive wave of anger.
UEFA rejected FIFA's proposal and announced a boycott of FIFA tournaments, including the World Cup, unless the decision is reversed. CONCACAF also announced its categorical rejection of the matter.
FIFA said in an official statement on Friday: "We have listened to the comments of the continental federations regarding the proposal to establish the FFE, and we want to address the issues raised since the media coverage on Tuesday. We respect the comments and concerns that have been raised publicly and want to reaffirm our commitment to conducting open and democratic consultations."
He added: "The consultation processes we had planned were disrupted due to inaccurate media reports. We will continue this process to ensure that every member union has the freedom to express its opinion based on the facts."
He continued: "We have proposed the creation of the FFE exclusively to ensure that all member associations of FIFA have an effective opportunity to participate in managing the commercial opportunities of the game in their countries, without compromising the spirit or governance of FIFA or even football itself. No one sells football; this is something we will never accept."
He continued: "Everyone has the right to express their opposition and ask for further clarification, but no single organization can claim to represent all 211 member associations around the world. Every regional association should be allowed to review the proposal and participate in shaping its future. These are FIFA's democratic principles."
He continued: "In addition, each regional federation will receive US$20 million in funding from the FIFA Forward Development Programme over the next four years, from 2027 to 2030, regardless of the individual support it receives. This additional funding will come from the additional revenue that the FFE Foundation will generate by implementing more effective management of FIFA's business operations."
He stressed: "This will benefit all regional federations, and without the support of a majority of regional federations, FIFA's commercial activities will remain as they are and the FFE will not be established."
He concluded: "The FFE proposals are based on these principles: unprecedented development funding, genuine global ownership of the commercial opportunities of our sport, along with the right to full self-determination through a democratic process involving all federations."
