FIFA said Tuesday it plans to sell a stake in the business operations of the World Cup and its other competitions through the creation of a semi-private subsidiary.

World football’s governing body said 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.