The Asian Football Confederation (AFC) has joined UEFA and CONCACAF in rejecting FIFA’s controversial proposal to bring private investment into the commercial rights of the FIFA World Cup, dealing a major setback to the governing body’s plan.

In a statement, the AFC said it has serious concerns over FIFA’s proposed FIFA Forward Enterprise (FFE) initiative. The confederation stressed that the issue goes beyond a single proposal and exposes fundamental weaknesses in FIFA’s consultation and decision-making process.

Earlier, UEFA warned that it would boycott the FIFA World Cup and all other FIFA competitions if the proposal was not withdrawn. CONCACAF also opposed the plan. With the AFC now taking the same position, 143 of FIFA’s 211 member associations are against the proposal, making its approval significantly more difficult.

Under FIFA’s proposal, a new entity called FIFA Forward Enterprise (FFE) would be established to manage the commercial rights of major FIFA competitions, including the World Cup. The plan includes selling 20 percent of the company’s shares to private investors. U.S.-based investment firm Thrive Eternal has been identified as the leading potential investor.

The AFC criticized FIFA for failing to adequately consult its member associations before unveiling the project. It added that the public discussion of a possible World Cup boycott is deeply concerning for the future of football and that such a situation should never have arisen.

FIFA President Gianni Infantino has said the proposal requires majority approval from FIFA’s member associations before it can take effect. However, following the united opposition from UEFA, CONCACAF, and the AFC, the future of the plan has become increasingly uncertain.