UEFA's member associations have unanimously voted to boycott the World Cup and other FIFA competitions in protest at FIFA's plan to sell stakes to external investors in a subsidiary that will run the global governing body's tournaments, European football's governing body said following a virtual meeting on Thursday.

World football's ruling body said on Tuesday it plans to create a $20 billion subsidiary to run the World Cup and its other events and will offer stakes of up to 20 percent in it to external investors.

"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. It is one of football’s greatest sporting legacies. It has been built over generations by players, national teams and supporters across every continent," UEFA added.

"No part of it should ever be surrendered to private investors. The World Cup is not for sale."

A spokesperson for the English FA backed the decision, saying the organisation "stands shoulder to shoulder with our European colleagues".

The Asian Football Confederation (AFC) and CONCACAF also strongly criticised FIFA earlier, saying they were not consulted in the process.

The Women's World Cup is set to be held in Brazil next year. FIFA is set to stage its inaugural Under-15 World Cup in Azerbaijan in October.