European football governing body UEFA has warned FIFA that it is considering legal action following the collapse of a controversial proposal by FIFA President Gianni Infantino to sell a stake in future World Cup revenues to private investors.

The proposal, which sought to raise $4.2 billion from investors—including a New York investment firm led by Joshua Kushner—was withdrawn early Saturday after widespread criticism from football federations and media scrutiny.

UEFA spearheaded the opposition to the plan, and representatives from its 55 member associations met on Thursday to discuss a possible boycott of all FIFA competitions and events while the proposal remained under consideration.

According to a letter dated Friday from New York law firm Dechert, obtained by The Associated Press, UEFA has formally notified FIFA that it is “actively considering legal action, arbitration, and/or regulatory complaints” related to the proposed FIFA Forward Enterprise (FFE) initiative and all associated matters.

The legal notice also instructed 18 FIFA executives to preserve all documents, electronic communications and other records that could become relevant in future legal proceedings.

“UEFA puts you on formal notice that any destruction, deletion, alteration, concealment, or loss of relevant materials following receipt of this notice—or following any earlier date on which you were, or reasonably should have been, aware that proceedings were anticipated—may constitute spoliation of evidence,” the letter stated.

On Saturday, UEFA intensified its criticism of Infantino, suggesting that his decade-long leadership of FIFA had lost the confidence of the global football community and declaring that “no option should be off the table” regarding the organization’s future leadership.

Just hours before UEFA’s statement, Infantino announced the withdrawal of the investment proposal.

Under the plan, FIFA’s 211 member associations would have received one-time payments of $20 million each if they agreed to the proposal before a mid-September deadline.

The initiative would have created FIFA Forward Enterprise, a commercial entity valued by FIFA at approximately $20 billion, which would have assumed control of the organization’s revenue-generating activities, including commercial rights and major tournaments such as the FIFA World Cup.

Critics argued the proposal would have transferred significant control of FIFA’s commercial operations to private investors, despite the governing body’s existing ownership structure, in which its 211 member associations collectively own the Zurich-based non-profit organization.

Although the proposal has now been shelved, UEFA’s legal warning signals that the dispute between European football’s governing body and FIFA could continue in the months ahead.