New York. FIFA said on Tuesday it plans to create a $20 billion subsidiary to manage the World Cup and its other competitions, offering up to a 20 percent stake to external investors in a move that prompted a furious response from UEFA, which accused world football's governing body of putting the game's "soul" up for sale.
Under the proposal, FIFA would establish FIFA Forward Enterprise (FFE) to oversee its commercial and event operations.
FIFA, which recently staged the first 48-team World Cup across the United States, Canada and Mexico — the largest in the tournament's history — would retain control of the enterprise while offering minority stakes to private investors to raise up to $4.2 billion.
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