European soccer governing body UEFA said Thursday it will boycott FIFA competitions including the World Cup if the global organization goes through with its proposal to sell a stake to private investors.

Following an emergency meeting, UEFA, which represents 55 of FIFA's 211 member associations, called it "irresponsible and indefensible" for FIFA leadership to bring forth such a proposal without seeking feedback from the countries that make up the organization.

On Tuesday, FIFA announced a plan to sell a 20% stake in a new entity it calls FIFA Forward Enterprise that would take over all commercial and event operations. FIFA said FFE would raise up to $4.2 billion from third party investors. The move championed by FIFA President Gianni Infantino has drawn backlash across the sport.

The proposed deal has also sparked fresh scrutiny of Infantino's relationship with President Donald Trump. Thrive Eternal, a private equity firm founded by Joshua Kushner, the brother of Trump's son-in-law Jared Kushner, is "expected to lead the proposed investor group for FFE," FIFA said when it announced the deal.

In a statement, UEFA said its member nations would boycott FIFA competitions unless the organization canceled the plan for good. UEFA said "football's future cannot be dictated" by stakeholders seeking financial gain.

"As a result of today's discussion, 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," the statement read.

UEFA isn't the only one opposing FIFA's proposal.

Concacaf, which runs soccer in North and Central America and the Caribbean, said on Thursday that it also held an emergency meeting with its 41 member associations and rejected FIFA's proposal.

"The discussion reinforced the need for greater transparency and proper governance," the organization said in a statement.

In response to the fallout, Infantino appeared in a video on Wednesday reassuring fans that the "beautiful game, and sport they watch and love will not change."

Infantino also said that the proposal is "simply a choice for our members" and not an obligation.