The Union of European Football Associations, or UEFA, is pulling out of future World Cups over FIFA’s plan to sell shares to the highest bidder, including members of President Donald Trump’s inner circle. UEFA announced Thursday that the organization of 55 national associations “will not participate in FIFA competitions” going forward. The decision comes shortly after FIFA President Gianni Infantino threatened to cut funding from teams that don’t get behind his moneymaking scheme. “We unanimously and unequivocally reject FIFA’s proposal to transfer ownership interests in the World Cup and other FIFA competitions to private investors,” the statement said. Last week, FIFA announced the creation of the FIFA Forward Enterprise, or FFE, which is expected to raise up to $4.2 million in the next year by “carefully selecting long-term investors who will purchase minority, non-controlling interests in FFE.” Critics immediately decried the decision to sell stakes in the World Cup, which is managed by FIFA, a nonprofit organization. The move could potentially earn Infantino tens of millions of dollars. “This model has no place in the world of football,” UEFA said in its statement. The group said it would continue to boycott so long as Infantino’s proposal “stayed alive.”Shortly after UEFA’s decision, the Confederation of North, Central America and Caribbean Association Football released a statement saying its 41 members had also rejected FIFA’s proposal. CONCACAF membership had “expressed deep concerns about the lack of due process surrounding the proposal, the artificially short deadline imposed, and the absence of any review or approval by the relevant FIFA governance bodies,” the statement said.“In addition, the need for private equity investment to fund new and existing FIFA Forward programs following the most profitable FIFA World Cup in history was questioned.”Infantino reportedly held investor discussions with members of the Trump administration. The move came amid mounting concerns over Infantino’s relationship with Trump, after the U.S. president openly bullied FIFA into lifting a red card against a player on the U.S. men’s soccer team.In addition, FIFA reportedly stated that once the approval was granted, the investor group would be led by Thrive Eternal, a venture capital firm run by Joshua Kushner, the brother of Trump’s son-in-law Jared who is under investigation for alleged corruption. This story has been updated.