European football’s 55 member associations have unanimously voted to boycott the World Cup if its governing body goes ahead with its plan to sell stakes in its competitions to private investors.

In a statement on Thursday, UEFA, which oversees Europe’s football, said it rejects a proposal by world football governing body FIFA to transfer ownership interests to stakeholders, calling it an “ultimatum.”

“The moment external investors acquire ownership interests in FIFA competitions, football changes forever… From that moment onwards, every decision… is no longer driven by what best serves the game, but by what best serves shareholders,” it wrote. “The World Cup is not for sale”

UEFA stressed that none of the teams in its national associations would take part in any FIFA competition while the private equity bid remains on the table. The boycott would cover all of the global body’s competitions, including the men’s and women’s World Cups.

The proposal includes the creation of a new commercial subsidiary valued at up to $20 billion to run major football events.

In a press statement on Tuesday, FIFA President Gianni Infantino, who is up for reelection next year, said private investors would receive a minority stake. “Regulation, development and governance of the game” would stay with FIFA, he said.

If members vote in favor of the deal, they would receive up to $20 million per association for the 2027-2030 cycle, Infantino said. If they reject the proposal, they would receive the currently planned $10 million.

The uproar comes just weeks after FIFA courted controversy at the World Cup, which was jointly hosted by the US, Canada, and Mexico. FIFA overturned a one-match suspension for US striker Folarin Balogun after intervention by US President Donald Trump. The decision drew harsh criticism from UEFA, who called the move “unprecedented, incomprehensible and unjustifiable.”