India, July 29 -- FIFA's proposal to sell minority stakes in a new $20 billion company controlling the commercial operations of the World Cup and its other competitions has triggered a furious response from UEFA, which accused world football's governing body of attempting to trade away the "soul" of the sport.

Under the plans announced on Tuesday, FIFA would establish a subsidiary called FIFA Forward Enterprise to manage the World Cup and other tournaments. FIFA would retain a majority stake but offer shares to private investors, potentially raising as much as $4.2 billion.

The proposal must still be approved by FIFA's 211 member associations before it can proceed. Should the plan receive sufficient backing, the investment consortium is...