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* CONCACAF and AFC concerned by FIFA's private investment plan * Plan aims to raise up to $4.2 billion through minority stake sales * FIFA cannot continue to use our sport to enrich themselves and their friends, UEFA says  FIFA's proposal to sell stakes in a $20 billion commercial subsidiary has drawn strong criticism from soccer's regional confederations, ‌which said they were blindsided by the world governing body's plan to bring private investors into the sport.The Confederations of North ​America, Central America and the Caribbean (CONCACAF) and Asia (AFC) delivered ‌stinging rebukes on Wednesday, saying they learned of FIFA's equity sale proposal through media reports rather than official channels. FIFA ‌said on Tuesday that it ⁠plans to create a $20 billion subsidiary to ‌run the World Cup and its other events, offering stakes ‌of up to 20% in it to external investors.Under the plan, FIFA would establish FIFA Forward Enterprise to oversee commercial and event operations. FIFA, which ⁠this year held a 48-team World Cup across the U.S., Canada and Mexico that was the biggest in the tournament's history, would retain control of the enterprise, but offer minority stakes to private investors to raise up to $4.2 billion.'LACK OF DUE PROCESS'"CONCACAF was only made aware of this matter through media reports and, subsequently, via a media release. We are deeply concerned by the lack of due process," it said in a statement."We share the disappointment of many within our region and the game that this level of detail has been designed and shared publicly before any discussion with the relevant governance bodies and stakeholders has taken place."As leaders within football, we are the custodians of the game. Collectively, FIFA, the ​confederations and every member association have a responsibility to always act in the best interests of the sport."Every decision we make must be guided by good governance, robust processes and long-term stewardship." Former FIFA President Sepp Blatter said the World Cup should not become an investment product for private equity with investors seeking returns. "The FIFA World ‌Cup is not a commercial asset that belongs to ⁠a handful of executives. It ​is part of the cultural heritage of world football," Blatter told Reuters. "FIFA is the guardian of the World Cup, not its ​owner."Czech Football Association President David Trunda, however, said he saw "pragmatic benefits" from working with FIFA President Gianni Infantino."Of course, we need more details, but my personal point of view is that I can see the positive impact of FIFA's intentions," Trunda told Sky News."I was elected a little more than a year ago. For me, personally, all the projects I have experienced in cooperation with FIFA have been very positive for the development of European football."AFC DISAPPOINTEDThe AFC said it recognised the importance of "exploring innovative approaches" but was disappointed that such a significant proposal was announced before the confederation had the opportunity to examine the plan."Such initiatives should be founded upon the principles of good governance, transparency and meaningful consultation," it said."Decisions that may reshape the commercial and financial future of the game require comprehensive prior engagement with confederations, member associations and other relevant stakeholders before any proposal is made to the appropriate decision-making body(ies)," the AFC added.INFANTINO'S DEADLINEThe Times reported that Infantino had sent a letter ‌to all member associations saying they would receive $40 million ‌each if they agreed to the proposal by September 19.However, ⁠if they rejected the package totalling $10 billion, which would be available from January 1 next year, it would be reduced to the $2.7 billion that was previously ⁠on offer. Infantino added that the proposal would only be implemented ⁠if more than half of FIFA's member associations participate by the deadline and the FIFA Council formally approves the necessary changes."Today we have learned of FIFA's deadline to associations to support their proposals or have the one-off payout offer withdrawn. This says everything you need to know about this plan," UEFA said in a statement."FIFA cannot continue to use our sport to enrich themselves and their friends. We can grow the game correctly. It's time to prioritise associations, clubs, leagues, players and fans."While the AFC has 47 member associations, CONCACAF has 41. Together with UEFA's 55 members, that brings the total to 143 of 211 ​member associations whose confederations either criticised the proposal or had concerns about it. Reuters has contacted the confederations of South America (CONMEBOL), Africa (CAF) and Oceania (OFC) for comment.FIFA did not respond to a request for comment.'RAISES MANY QUESTIONS'The backlash also extended to individual country ruling bodies with French Football Federation chief Philippe Diallo saying his organisation had not been informed either."Given its direction - specifically, as I understand, bringing investment funds into a commercial entity alongside FIFA - it obviously raises many questions," he said on French Inter radio station.England's Football Association (FA) said it was "completely unaware" of the proposal and had no substantive details."Based on the limited information, we are deeply concerned about the lack of process and governance to get to this point, and the apparent substance and principles involved," the FA said.FIFA's move had provoked a furious response from UEFA, which accused world soccer's governing body of putting the game's "soul" up for sale.A ‌UEFA official said the idea of holding ​an emergency meeting to discuss FIFA's proposal was put forward on Tuesday. Another source said virtual meetings were taking place on Wednesday to talk about the situation. 

Giorgio Armani's death leaves a vacuum at the top of his billion-dollar luxury business, an independent empire he built up over 50 years spanning hotels to haute couture.Born into a modest family in northern Italy, Armani, who died on Thursday aged 91, became one of the richest men in the world and the fourth richest in Italy.His net worth was estimated at $11.8bn, according to *Forbes magazine.From his historic headquarters in Milan, Armani led an empire employing more than 9,000 staff at the end of 2023, and with revenues of €2.3bn ($2.7bn) in 2024, according to the group.More than 600 stores worldwide sell Armani brands under several lines: Giorgio Armani, Emporio Armani, A|X Armani Exchange, and EA7.The group also licenses eyewear from EssilorLuxottica, and perfumes and cosmetics from L'Oreal.Armani is also active in the hotel, restaurant and real-estate industries, with building collaborations in China, Miami and Brazil.A sports enthusiast, the designer owned the Olimpia Milano basketball team and designed formalwear for Juventus and the Italian national football team.Armani had no direct heirs, but he had long planned for his succession, keen for the integrity and independence of the group to outlast him.According to the Italian press, a new statute has been ready since 2016 for his death. It would see the creation of six classes of shares with specific voting rights and governance prerogatives.In this new structure, a central role is expected to be played by the Giorgio Armani Foundation, which holds 0.1% of the Armani group's capital, and by the designer's close relatives and friends.These include his nieces Silvana and Roberta Armani, his nephew Andrea Camerana, his sister Rosanna Armani, and his right-hand man Leo Dell'Orco."I would like the succession to be organic and not a moment of rupture," he told the *Financial Times in an interview published just days before his death."My plans for succession consist of a gradual transition of the responsibilities that I have always handled to those closest to me," he said, "such as Leo Dell'Orco, the members of my family and the entire working team".Armani owned numerous properties in Italy and abroad. In addition to his main residence in Milan, on Via Borgonuovo, the designer regularly sought refuge in his villa on the island of Pantelleria, in his summer residence in Forte dei Marmi, an upscale seaside resort in Tuscany, or in his "Villa Rosa", south of Milan.He had numerous other residences abroad, notably in France — in Paris and Saint-Tropez — and in Saint Moritz, Switzerland.A few days before his death, Armani completed the acquisition of the "Capannina di Franceschi", the legendary Forte dei Marmi club where he met his partner Sergio Galeotti, with whom he went on to found Giorgio Armani in 1975.Armani remained one of the few independent luxury groups, at a time when most designers were being bought out by conglomerates.After years under Armani's tight control, his death raises the question of what happens next to a company so closely associated with one man.Luca Solca, analyst at research group Bernstein, said the Armani group benefited from being "a little more universal" than others, attracting a wide audience, much like Ralph Lauren."There is certainly a lot of interest in acquiring the group — it remains to be seen if there are any sellers after the succession," he told AFP.It is a difficult time for the luxury industry, hit by slowing growth in China and the uncertain global economic outlook.The Armani group has not been spared, reporting a 6% drop in revenue in 2024.But Armani kept investing — €332mn over the year — notably renovating its stores in New York and Milan and opening a new one in Paris.It has also taken its online sales operations in-house."I am convinced that pursuing consistency and continuity, avoiding chasing immediate gains, is the best strategy to ensure success in the long run," Armani said this year.