European football’s governing body UEFA and Prime Minister Andy Burnham have criticized FIFA’s proposals to seek private investment in its competitions, including the World Cup.

FIFA, sport’s world governing body, said it intends to expand “football development funding” to more than $10 billion (£7.5 billion) and invite third parties to invest in a new company.

The story was first reported in the Financial Times and the Times, with the latter claiming the plans could net Fifa president Gianni Infantino tens of millions of pounds.

In a lengthy statement outlining the proposals, FIFA says it will “invite third parties to make minority and non-controlling investments” in a new subsidiary – FIFA Forward Enterprise (FFE) – to “consolidate” its commercial and events operations.

The plan must still be approved by a vote of FIFA’s 211 member countries. But if approval is granted, FIFA says Thrive Eternal is expected to lead the proposed investor group for FFE.

Thrive is an American venture capital firm founded by Joshua Kushner, brother of US President Donald Trump’s son-in-law Jared.

FIFA sources have told BBC Sport that there has been no discussion about whether Infantino or anyone else will become FFE chief executive.

In its statement, FIFA stated that Infantino and the rest of the organization “have the duty” to control the development of the project. FIFA has not said exactly what that means, nor what the specific nature of Infantino’s involvement will be.

As part of its speech, FIFA says all member associations will be able to access up to $20 million (£15 million) in “single capital” to fund development.

Infantino said all nations should benefit from the wealth generated by football.

“Parts of the game have turned that popularity into notable commercial value, and we celebrate that success and want it to continue, because it elevates the entire game,” he said.

“Our job is to make sure the rest of football grows with it: FIFA exists to support sustainable and inclusive development in every corner of the world.”

However, UEFA issued a statement criticizing the proposals, which it said “cross the line”.

Burnham said going ahead with the idea would mean FIFA had “sold out”.

He wrote in

“The World Cup is not a product. It is the most important competition in world sport and it was never available to anyone to sell. Decorate the deal however you want. Once you have sold a part of it, you have exhausted it.

“Football belongs to the fans. It always has been and always will be.”

The Football Association says it was unaware of FIFA’s plans when they were published.