Global soccer’s governing body was criticized throughout the men’s World Cup for its nakedly commercial ambitions and its close ties to U.S. president Donald Trump. Less than two weeks after the final, FIFA appears to be doubling down on both.

In perhaps its most brazen money-grab yet, FIFA announced Tuesday that it is looking to create a new entity, FIFA Forward Enterprise (FFE), to house its revenue-generating activities like media rights, ticket sales, licensing and sponsorships. If approved by members, FIFA said it intends to sell up to 21% of FFE at a $20 billion valuation, which would produce about $4.2 billion in upfront cash.

While the announcement made no mention of potential investors, London’s The Times reported that the plan was discussed with Trump’s administration. Joshua Kushner, whose older brother Jared is married to Donald Trump’s daughter Ivanka and who served as a senior advisor in the first Trump administration, is in talks to lead the deal through his Thrive Eternal fund, the Financial Times reported. Thrive’s first sports deal was a recent investment in the San Francisco Giants, and Joshua Kushner is an investor in the Miami Heat.

This structure—roll commercial assets into a new entity, sell equity and profit-sharing rights into that entity—has become commonplace across major global sports in the past half decade. It’s what the legendary New Zealand All Blacks rugby organization did to source money from Silver Lake, as did Spain’s LaLiga and CVC. It’s how the University of Utah became the first major U.S. athletic department to take institutional money via a deal with Otro Capital, and major conferences like the Big Ten have considered similar capital infusions.

In these agreements, the offering entity typically retains governance and operational control, which FIFA said would also happen under its current plan. While the men’s World Cup is FIFA’s crown jewel, FFE’s rights would cover all the organization’s tournaments, including women’s and youth soccer. FIFA previously projected about $11 billion in revenue for its current four-year cycle, but that has been revised upwards following the success of the 2026 World Cup in North America. 

JPMorgan Chase has been retained to help run the process, FIFA said.

There are already notable detractors. In a social media post Tuesday afternoon, European soccer’s governing body UEFA said the plan crossed a line that “should never” be crossed.

“The soul and governance of football are not assets to trade—especially with zero transparency as to who gains financially,” UEFA said. “None of us are the owners of football. It is not FIFA’s to sell.”

For its part, FIFA pitched the proposal in the same way it hypes most of its work: as a tool for improving lives around the world, beyond soccer. The money raised in the stake sale, FIFA said, would help fund distributions to its 211 member associations that could total $86 million for each over the next 12 years.

“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.”

Infantino has been the driving force behind FIFA’s increasingly cozy relationship with Trump. The Swiss soccer executive has “logged more face time with Trump this year than any world leader,” Politico reported last year, and he was reportedly the driving force behind the creation of the organization’s first Peace Prize, which he delivered to Trump during the World Cup draw in Washington, D.C., last December.