Sepp Blatter, who served as FIFA president for 17 years until 2015, has criticized FIFA’s recent plan to create a $20 billion subsidiary to manage the World Cup and other events. The football governing body announced on Tuesday that it intends to offer up to 20 percent stakes in this new entity to external investors.

Blatter condemned the proposal, stating that the World Cup is not a commercial asset owned by a few executives but rather a part of the cultural heritage of world football. "It belongs to the people," he told Reuters on Wednesday. He further warned that the tournament should not become an investment product for private equity firms seeking financial returns.

FIFA’s plan marks a significant shift in how the World Cup is managed and financed, sparking debate about the future relationship between the sport, its fans, and commercial interests.

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