The story

FIFA announced plans Tuesday to sell up to 21 percent of a new subsidiary called FIFA Forward Enterprises to private investors, aiming to raise $4.2 billion based on a $20 billion valuation. The new entity would consolidate FIFA's commercial rights, including broadcast, sponsorship, ticketing and licensing, along with operational delivery of tournaments including the World Cup and Club World Cup. FIFA would retain majority ownership and exclusive authority over football governance, competitions, the match calendar and all regulatory and sporting decisions. The proposal requires approval by a majority of FIFA's 211 member associations and its 37-member council.

Under the plan, FIFA's total development funding would top $10 billion over the next four years. Each member association would be eligible for an optional $20 million in immediate funding from a new FIFA Fast Forward Programme funded by the stake sale. Regular grants would increase from $8 million to $20 million per association in the next four-year cycle, rising to $22 million for 2031 to 2034 and $24 million, three times the current amount, for 2035 to 2038. JP Morgan has been FIFA's chief advisor on the project, with Thrive Capital, a long-term investment vehicle set up by Joshua Kushner, the brother of Jared Kushner, expected to lead the proposed investor group. Jared Kushner is not one of the investors lined up.

UEFA issued a sharp statement opposing the plan, saying it crosses a line that football's governing institutions should never cross and that the soul and governance of football are not assets to trade. The UK-based Football Supporters' Association called the plan a new low for FIFA and said it was furious, vowing to fight back against decisions made that seriously threaten the future of football for short-term commercial gain. FIFA president Gianni Infantino described football as an extraordinary engine of human and social development and said FIFA exists to support sustainable, inclusive development in every corner of the world. The Times reported that Infantino could serve as commissioner or chief executive of the new company after his final term as FIFA president, which is term-limited after 2031, although Infantino told the paper the idea has never been discussed.