FIFA $20 billion commercial subsidiary plan draws fierce criticism from UEFA

The proposal has drawn fierce criticism from European soccer’s governing body, UEFA.

FIFA plans to create a new commercial subsidiary valued at $20 billion, world soccer’s governing body said on Tuesday, as it seeks backing from its 211 member associations for the proposal in a move already criticized by UEFA.

The ambitious plan would see FIFA establish FIFA Forward Enterprise (FFE), a wholly owned subsidiary consolidating the organization’s commercial and event operations.

FIFA said it would retain sole control as well as “exclusive authority” over football governance, competitions, the match calendar and all regulatory and sporting decisions.

The Financial Times first reported on the stake sale.

Under the proposal, FIFA would invite external investors to purchase minority, non-controlling stakes in FFE to raise up to $4.2 billion, with the body saying all net benefits will be reinvested in the game.