The Confederation of African Football (CAF) has announced plans to review FIFA’s proposal to open the commercial operations of the FIFA World Cup and other major tournaments to private investment.

In a statement issued on Wednesday, CAF said its president, Patrice Motsepe, will meet with the Confederation’s Executive Committee next week to examine the proposal and determine Africa’s position.

The African football body said its member associations would also have the opportunity to participate in the consultation process in line with FIFA and CAF regulations.

“CAF also encourages its Member Associations to examine the FIFA Forward Enterprise proposal and participate in the consultation process in accordance with CAF and FIFA’s regulations and established procedures,” the statement partly reads.

“CAF is committed to continue consulting and working together with its Member Associations, FIFA, other Football Confederations and stakeholders in support of increasing financial and other resources for the development and growth of football in Africa and worldwide.”

The development follows FIFA’s announcement earlier this week that it intends to establish the FIFA Forward Enterprise (FFE), a new commercial subsidiary that would oversee the business operations of its flagship competitions, including the FIFA World Cup.

Under the proposal, FIFA would retain majority ownership of the company while seeking to raise about $4.2 billion later this year by selling minority, non-controlling stakes to carefully selected long-term investors.

The proposal has generated widespread debate across the global football community.

British newspaper The Times reported that FIFA President Gianni Infantino could become commissioner of the new commercial entity after the expiration of his current term in 2031. The report also named venture capitalist Joshua Kushner and an investment arm of JPMorgan Chase among potential investors.

Several football governing bodies have criticised the proposal. UEFA described the FIFA World Cup as “not an asset to trade,” while European Union Sports Commissioner Glenn Micallef urged FIFA to keep “hands off our game.”

Football confederations in Europe, South America, North America and Asia have also expressed concerns, saying they were not consulted before the proposal was unveiled.

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