Backlash to FIFA’s proposed multi-billion-dollar private investment has arrived quickly, with critics warning that it could damage “the beautiful game.” But according to one insider in the investor camp, a major reason for the public opposition is a turf war, with European soccer interests feeling threatened. The source said a deal that strengthens revenue-generating activities would also help support soccer’s development worldwide.

“UEFA [the organizer of European soccer] is lashing out because this changes the balance of power in football from being European-centric to global-centric,” the source directly involved in the deal said. “It’s a shame to see.”

News of the plan to sell a stake in FIFA, the nonprofit that oversees the World Cup, and create the FIFA Forward Enterprise, a commercial subsidiary that would include ticketing, sponsorship, and broadcast operations, emerged early Tuesday and immediately drew backlash and recriminations. Among the most forceful responses, the UEFA Europa League said in a statement: “None of us are the owners of football.”

The proposed transaction values FIFA’s commercial rights at $20 billion. It would be led by Joshua Kushner’s Thrive Capital and includes Greg Maffei, founder and CEO of BANN Ventures. Thrive would lead a group prepared to invest up to $4.2 billion to buy a stake. Apollo Sports Capital is also in talks to join the investor group, according to a source with direct knowledge of the deal. Apollo declined to comment.

One source directly involved in the process said the deal would strengthen the finances of soccer’s global governing body. For 2027 through 2030, FIFA has told investors in private meetings that it is projecting annual revenue growth of 7%, the source said. FIFA is expecting marketing revenue to rise 10% on an annualized basis, while ticketing revenue is expected to fall 4% annually.

A major part of the pitch is a large increase in annual funding for member associations, according to a slide from the deck viewed by Fortune. The figures are also repeated in FIFA’s release. The slide says FIFA member associations currently receive $8 million in annual investment, but under the deal that amount would rise to $20 million next year. It then projects $22 million per association by 2031 and $24 million by 2035.

In FIFA, member associations are the governing organizations representing 211 countries, including the U.S. Soccer Federation, the Fédération Française de Football, and England’s Football Association. FIFA’s relationship with UEFA, the governing body for soccer in Europe, has long been strained, with both groups competing for political and economic control of the sport. That tension helps explain why a financial proposal can quickly become a governance fight, especially when it touches the distribution of money and influence across national federations.

“Europe would be leaving $1.1 billion on the table by not signing this deal,” the source close to the deal said. “They’re essentially threatening to cut off their nose to spite their face.”

The news comes little more than a week after the conclusion of the 2026 World Cup, which was jointly hosted by the U.S., Canada, and Mexico. Viewership for the tournament, including the July 19 final between Argentina and Spain, broke records in the U.S. and globally. At the same time, FIFA faced criticism over the increasing commercialization of the event, including mandatory “hydration breaks” during each half of play, a change that created more opportunities for broadcasters to run advertising. FIFA President Gianni Infantino also drew controversy after taking a phone call from U.S. President Donald Trump that led to a red card being revoked for a member of the U.S. squad.

According to The Times of the U.K., which first reported the FIFA Forward Enterprise, Infantino would become commissioner of the new group. FIFA has said outside investors would hold only a minority stake in FFE, not in FIFA itself, and would “not play any operational role.”

The investor group includes notable names. Thrive, founded by Kushner in 2009, is investing through Thrive Eternal, the firm’s permanent holding company that focuses on “qualities that cannot be replicated by technology.” Thrive Eternal also holds a stake in the San Francisco Giants. Thrive declined to comment.

Apollo Sports Capital is a unit of Apollo, the private-equity giant with more than $1 trillion in assets under management. Apollo Sports launched in 2025 and is reportedly in talks to provide a $1.1 billion loan to the German Bundesliga.

UEFA and FIFA did not respond to requests for comment in time for publication.

This story was originally featured on Fortune.com