PARIS — FIFA faced sharp criticism on Wednesday over its controversial plan to sell a stake in the business operations of the World Cup and its other competitions through the creation of a private subsidiary, a move that would bring outside investors closer to one of sport’s most commercially valuable properties while leaving the governing body in control.

On Tuesday, world football’s governing body said it would keep a majority stake in FIFA Forward Enterprise (FFE) while seeking to raise $4.2 billion later this year by “carefully selecting long-term investors who will purchase minority, non-controlling interests.”

Multiple media outlets reported Wednesday that FIFA President Gianni Infantino had sent a letter to member associations saying each would receive $40 million if they supported the plan, provided they signed up by Sept. 19.

“In total for the upcoming cycle starting as of Jan. 1, 2027, each member association will have the possibility of access up to $40 million per member association under this proposal,” Infantino said.

The Times, which first reported the story on Tuesday, said sources opposed to the proposal had described it as “pure bribery.” UEFA issued a blunt statement on the plan and, according to France’s sports minister, was due to hold an emergency meeting later on Wednesday.

“Many in European football see FIFA’s plans as an outright attack on football. I share this view. A line has been crossed here,” Hans-Joachim Watzke, a vice-president of UEFA’s executive committee, told Germany’s Kicker.

The Times reported that Infantino, 56, could profit from the scheme by becoming commissioner of the FFE after his expected next term ends in 2031. FIFA said that had not been discussed.

The report also said discussions had begun with financial advisers and potential investors.

Among those cited were Thrive Capital, the investment firm founded and led by Joshua Kushner, brother of Jared Kushner, who is U.S. President Donald Trump’s son-in-law, as well as an arm of JPMorgan Chase, the U.S. bank that tried to finance the failed breakaway European Super League.

UEFA, which has frequently criticized Infantino, said the proposal “crosses a line.”

“The soul and governance of football are not assets to trade — especially with zero transparency as to who gains financially. None of us are the owners of football. It is not FIFA’s to sell,” it said.

The European Union also made its opposition clear. “Hands off our game,” Glenn Micallef, the EU commissioner for Sport, posted on X.

CONCACAF, the governing body for football in North and Central America, said it was “deeply concerned by the lack of due process.” The Asian Football Confederation said it was “disappointed” that it had not been consulted.

The proposal would still need approval from the 38-member FIFA Council and a majority of FIFA’s 211 member associations, underscoring that the idea faces both internal and external hurdles before it can move forward. FIFA said it intended to present the plans to the council soon.

In its statement, FIFA said it “would retain sole control of FFE and exclusive authority over football governance, competitions, match calendar, and all regulatory and sporting decisions.” It said it believed FFE would have an “initial equity valuation of $20 billion.”

FIFA added that each member association would be given the chance to take a one-off $20 million stake in FFE. That would amount to just 0.1 percent of the total, but it would still be a significant sum for the leaderships of FIFA’s smaller or poorer members.

U.K. Prime Minister Andy Burnham, an avid football fan, also criticized the plan.

“Football does not belong to investors. It belongs to the people who fill the stands and who stand on the touchline week in, week out, rain or shine,” he wrote on social media.

In June, ahead of the World Cup, FIFA projected record revenues of more than 7 billion euros ($8 billion) for 2026, with competition income folded into its annual revenue. The tournament was the first World Cup with 48 teams, and there has been discussion of expanding it further to 64.

The Times quoted an unnamed “senior football figure” as saying the plan was “potentially much worse than the European Super League,” because it could affect all levels of football worldwide.

In 2019, a FIFA stakeholders’ committee rejected an Infantino-backed plan for a $25 billion private investment in an expanded Club World Cup. Reported backers included Japan’s SoftBank and Saudi Arabia’s sovereign wealth fund.

FIFA later expanded the Club World Cup from seven teams to 32 clubs in 2025.

The Times suggested that the creation of FFE could affect both the World Cup and the Club World Cup, saying it “could lead to pressure for both events to be further expanded or played more regularly than the present once every four years.”