PARIS, France (AFP)—European football’s governing body UEFA said Thursday it would boycott the World Cup should FIFA press ahead with its private investor plan.

“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,” UEFA said in a statement.

“The World Cup cannot be treated as an investment product… No part of it should ever be surrendered to private investors. The World Cup is not for sale.”