FIFA has announced plans to sell a minority stake in its tournament business operations, aiming to raise $4.2 billion by creating a semi-private subsidiary called FIFA Forward Enterprise (FFE). The move, revealed Tuesday, responds to a leaked report in The Times that raised questions about governance and potential personal profit for FIFA President Gianni Infantino. Main Developments FIFA will retain a majority share and exclusive control over football governance, competitions, and the match calendar within FFE, according to its statement. The governing body hopes to attract "long-term investors" for minority, non-controlling interests later this year, valuing FFE at an initial $20 billion. Each of FIFA's 211 member associations will be offered a one-off $20 million stake in FFE—0.1% of the total—which FIFA says could bring total development funding to over $10 billion in four years. The Times reported that potential investors include Joshua Kushner, brother of President Donald Trump's son-in-law, and an arm of JP Morgan Chase. Read also: 3 Key Moments That Defined West Indies' 155-Run Lead Over Pakistan Background This is not the first time FIFA has sought private investment for its competitions. In 2019, a FIFA stakeholders' committee rejected an Infantino-backed plan for a $25 billion private investment in an expanded Club World Cup, which had reported backers including SoftBank and Saudi Arabia's sovereign wealth fund. FIFA has also faced financial losses from past private partnerships. When marketing firm ISL went bankrupt in 2001, FIFA's losses were estimated between $30 million and $115 million. The current World Cup expansion to 48 teams for 2026 is expected to generate record revenues exceeding €7 billion ($8 billion). Why It Matters European football's governing body UEFA strongly criticized the plan, stating 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 Times quoted an unnamed senior football figure describing the plan as "potentially much worse than the European Super League." Another anonymous source warned of "unacceptable" conflicts of interest for FIFA and Infantino, who according to The Times could become commissioner of FFE after his expected term expires in 2031. FIFA, a not-for-profit organization owned by its member associations, enjoys tax-free status in Switzerland. What's Next FIFA hopes to complete the $4.2 billion stake sale later this year, with discussions with potential investors reportedly already started. The Times speculated that FFE's creation could lead to pressure for the World Cup and Club World Cup to be further expanded or held more frequently than every four years. Infantino has already mentioned discussions about expanding the 2030 World Cup to 64 teams. The expanded Club World Cup, now featuring 32 teams instead of seven, is set to debut in 2025.