A plan to open the biggest sporting tournament, in part, to private investors has drawn widespread backlash from soccer associations and politicians around the world.

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FIFA confirmed plans to raise $4.2 billion for a new entity controlling the nonprofit’s “commercial and event operations” at a $20 billion equity valuation.

FIFA plans a twenty billion dollar subsidiary for World Cup events. This move offers external investors up to twenty percent stakes. UEFA criticizes this proposal, calling it a…