FIFA's announcement also produced a furious backlash from European football's governing body UEFA, which said the World Cup was not an "asset to trade".

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.

July 28 : FIFA said on Tuesday it plans to create a $20 billion subsidiary to run the World Cup and its other events and will offer stakes of up to 20 per cent in it to external…