New Delhi, July 29 -- FIFA President Gianni Infantino's plan to create a $20 billion company running the World Cup with private investors including the Kushner family was announced Tuesday - and immediately attacked by European soccer body UEFA.

"It is not FIFA's to sell," UEFA said in a statement. "None of us are the owners of football."

Infantino's plans to form a commercial subsidiary, which would be called FIFA Forward Enterprise (FFE), running competitions like the World Cup and Club World Cup was first reported by The Times of London.

FIFA said in a statement FFE would raise up to $4.2 billion later this year to help fund development programs "based on an initial equity valuation of $20 billion by carefully selecting long-term in...