FIFA has announced plans to sell private investors a stake in its commercial operations under a deal that would include media and sponsorship rights for all its competitions, including the World Cup.

The global governing body is working with US bank JPMorgan to establish a new entity called FIFA Forward Enterprise (FFE). It would raise hundreds of millions of dollars by selling investors a significant stake in the commercial rights to the men’s and women’s World Cups and the Club World Cup.

FIFA has pledged that more than $10 billion would subsequently be distributed among its 211 member associations. It confirmed the initiative on Tuesday afternoon following reports by the Financial Times and The Times.

FIFA president Gianni Infantino said the plan would allow the commercial side of football to operate as a business. The proposal remains subject to approval by a majority of FIFA’s member associations.

Several sources familiar with the proposals said the new commercial venture was valued at about $20 billion. Infantino is seeking to capitalize on football’s growing global popularity following this summer’s World Cup in the United States, Canada and Mexico.

The Guardian reported this month that FIFA’s revenue from the tournament is expected to exceed $15 billion, substantially above the projected $13 billion. That increase appears to have encouraged Infantino to pursue additional revenue.

UEFA has criticized the proposal, accusing FIFA of crossing a line by putting football’s “soul and governance” up for sale.