MIAMI, Florida (CMC):

In a decisive move following an emergency meeting yesterday, Concacaf, the football confederation representing North, Central America, and the Caribbean, has formally rejected FIFA’s controversial proposal to sell a minority stake in the World Cup and other flagship tournaments to private investors.

The unanimous rejection by all 41 Concacaf member associations comes just days after FIFA announced its intention to create a new commercial entity, FIFA Forward Enterprises (FFE), and sell up to 21 per cent of it for a target of $4.2 billion.