Pakistan, July 30 -- FIFA said on Tuesday it plans to create a $20 billion subsidiary to run the World Cup and its other events and will offer stakes of up to ?20% in it to external investors, a move that provoked a furious response from UEFA, who accused world soccer's governing body of putting the game's "soul" up for sale.

Under the plan, FIFA would establish FIFA Forward Enterprise (FFE) to oversee "commercial and event operations." FIFA, which just held a 48-team World Cup across the U.S., Canada and Mexico that was the biggest in the tournament's history, would retain control of the enterprise, but offer minority stakes in it to private investors to raise up to $4.2 billion. A vehicle founded by Joshua Kushner, the brother of Jared...