"The relentless commercialisation of football has become corrosive. Commercial success should strengthen football, not consume it," Glenn Micallef said on X.

"Particular concern arises when FIFA's regulatory powers become aligned with the financial interests of private entities. When the value of investments depends on decisions made by FIFA. That raises profound questions about governance, independence and conflicts of interest.", he added.

What is it about ?

FIFA, world football's governing body said Tuesday it would retain a majority share in FIFA Forward Enterprise (FFE) but hoped to raise $4.2 billion later this year by "carefully selecting long-term investors who will purchase minority, non-controlling interests".

FIFA's statement was a rapid response to a story in British newspapers The Times and The Financial Times based on leaks of the plan from two sources.

The Times reported that FIFA president Gianni Infantino, 56, stood to profit from the scheme by becoming commissioner of the FFE after his expected next term expires in 2031. FIFA denied that this had been discussed.

The article also said discussion had started with financial advisors and potential investors.

FIFA said in its statement that it "would retain sole control of FFE and exclusive authority over football governance, competitions, match calendar, and all regulatory and sporting decisions".

It said it believed FFE would achieve an "initial equity valuation of $20bn".

FIFA said each of its MAs would be given the chance to take a one-off stake of 20mn dollars in FFE.

That represents only 0.1 percent of the total, but would be a significant sum for the leaderships of FIFA's poorer or smaller members.

Those include Thrive capital, an investment company founded and led by Joshua Kushner, brother of US President Donald Trump's son-in-law Jared, as well as an arm of JP Morgan Chase, the US bank that attempted to finance the failed breakaway European Super League.

Red cards aplenty

European football's governing body UEFA, which has been critical of Infantino, responded to the reports before FIFA had even made an announcement.

"This crosses a line that football's governing institutions should never cross. UEFA takes it extremely seriously," said UEFA's statement.

"The soul and governance of football are not assets to trade -- especially with zero transparency as to who gains financially. None of us are the owners of football. It is not FIFA's to sell."

EU:   Glenn Micallef said the proposals also raise "important competition law considerations", noting that the top EU court recognises that sporting rules are subject to the bloc's law "where they produce economic effects".

Therefore, the EU executive will study the plans "carefully" within the scope of its competences, he added.

"Particular concern arises when FIFA's regulatory powers become aligned with the financial interests of private entities. When the value of investments depends on decisions made by FIFA. That raises profound questions about governance, independence and conflicts of interest," Micallef said.

CONCACAF, which governs North and Central American football, said it was "deeply concerned by the lack of due process".

"We share the disappointment of many within our region and the game that this level of detail has been designed and shared publicly before any discussion with the relevant governance bodies and stakeholders has taken place," CONCACAF added.

England's Football Association said  it was "deeply concerned about the lack of process and governance" after FIFA confirmed plans to sell stakes in its major competitions.

Hans-Joachim Watzke, vice-president of the German football Association (DFB) and Borussia Dortmund president, to magazine Kicker: "Many in European football see FIFA's plans as an absolute attack on football. I share this view. A line has been crossed here.

"At the World Cup, six European teams reached the quarter-finals and three the semi-finals. If European football stands united against these plans, that carries a great deal of weight."

Javier Tebas, president of the Spanish football league: "It doesn't seem like a reform. It seems like an electoral campaign financed with the future of football.

"Development cannot be used to buy votes or silences. The competitions and commercial rights of FIFA are not the personal patrimony of Infantino.

"Whoever mixes politics, discipline, money, and power without transparency cannot lead anything.

"Infantino is not the solution to FIFA's governance. He is the problem. We are venturing deeper into the iceberg and what remains to surface."

"It raises a lot of question marks for the federations, who have not been involved in the talks and do not have to hand the specific details to be able to comment on these topics which are fundamental to the future of football."

Philippe Diallo, French Football Federation president: "It raises a lot of question marks for the federations, who have not been involved in the talks and do not have to hand the specific details to be able to comment on these topics which are fundamental to the future of football."

 Sepp Blatter, Infantino's disgraced predecessor, referring to the claim that one of the potential investors could be Thrive capital, an investment company founded and led by Joshua Kushner, brother of US President Donald Trump's son-in-law Jared: "The close relationship between the FIFA president and the US President (Donald Trump) has reached a financial dimension that is deeply damaging football. No one has the right to sell our game.".

British Prime Minister Andy Burnham, an Everton fan, decried the plan. "Football does not belong to investors. It belongs to the people who fill the stands and who stand on the touchline week in, week out, rain or shine," he wrote on social media. "The World Cup is not a product. It is the greatest competition in world sport, and it was never anyone's to sell."