ZURICH, Switzerland: FIFA is seeking support from its 211 member associations for a proposal to create a new commercial subsidiary valued at US$20 billion and sell minority stakes to outside investors, a move aimed at raising billions of dollars for the global development of soccer but one that has already drawn sharp criticism from UEFA.

The governing body said it plans to establish FIFA Forward Enterprise (FFE), a wholly owned subsidiary that would consolidate its commercial and event operations.

Under the proposal, FIFA would retain sole ownership and "exclusive authority" over football governance, competitions, the international match calendar and all regulatory and sporting decisions. It would invite external investors to buy minority, non-controlling stakes in the new entity, raising to $4.2 billion, with all net proceeds to be reinvested in the sport.

"Football is the world's most popular sport and an extraordinary engine of human and social development," FIFA President Gianni Infantino said in a statement.

"Parts of the game have turned that popularity into remarkable commercial value – and we celebrate that success and want it to continue, because it lifts the whole game.

"Our job is to make sure the rest of football grows with it: FIFA exists to support sustainable, inclusive development in every corner of the world."

The proposal, however, was strongly criticized by European soccer's governing body, UEFA.

"This crosses a line that football's governing institutions should never cross," UEFA said in a statement.

"UEFA takes it extremely seriously. So should every National Football Association. So should every stakeholder: leagues, clubs, players, supporters, governments and everyone who cares about the future of the game.

"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."

Infantino defended the plan, saying every member association should have an opportunity to benefit from the sport's commercial success.

"This is about the democratization of football worldwide," he said.

A FIFA spokesperson said the proposal will be presented to the FIFA Council and the organization's 211 member associations, which will have the final say on whether it moves forward.

A source familiar with the matter said FIFA is working with JPMorgan to raise billions of dollars by selling up to a 20 percent stake in the entity to outside investors. The source added that former Liberty Media CEO Greg Maffei has advised on the venture's creation.

According to the source, Thrive Eternal, a new long-term investment strategy launched by venture capital firm Thrive Capital, is expected to be a lead investor. The Financial Times first reported on the proposed stake sale.