FIFA is planning to sell a significant minority stake in a new commercial entity with a valuation of about €17.5 billion ($20 billion).
The plan would see FIFA establish FIFA Forward Enterprise (FFE), a wholly-owned subsidiary consolidating the organisation'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.
Under the proposal, FIFA would invite external investors to purchase minority, non-controlling stakes in FFE to raise up to €4.9 billion ($4.2 billion), with the body saying all net benefits will be reinvested in the game.
"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."
However, the proposal has drawn fierce criticism from 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.
"FIFA is working with bankers at JPMorgan to raise billions of dollars by bringing in external investors to take as much as a 20% stake in the entity," a source said.
The source added that former Liberty Media FWONA.O CEO Greg Maffei has been involved as a commercial adviser on the creation of the FIFA enterprise.
Thrive Eternal, a new investment strategy launched by venture capital firm Thrive Capital, is expected to be a lead investor in the entity, the source said.
The strategy is a permanent capital vehicle focused on making a small number of long-term investments in franchises and cultural institutions.
Thrive Eternal took a minority stake in Major League Baseball's San Francisco Giants this year.
The vehicle was founded by Joshua Kushner, the brother of Jared Kushner, U.S. President Donald Trump’s son-in-law. Former Walt Disney DIS.N CEO Bob Iger serves as an adviser.
Jared Kushner, however, is not a potential investor, the source said.
The Financial Times first reported on the stake sale.