FIFA plans to create a $20 billion subsidiary, FIFA Forward Enterprise (FFE), to manage the World Cup and other events, offering up to 20% stakes to external investors, a move that has drawn fierce criticism from UEFA, who accused the governing body of putting the game's 'soul' up for sale.
Liberty Media president and CEO Greg Maffei told analysts on a conference call that the move was the most efficient way of putting cash into the business, with Formula One getting a net cash payment of $1.4 billion.
F1 is looking strongly to enter into the lucrative US market
Bernie Ecclestone's 40-year reign as Formula One's commercial supremo ended on Monday with the sport's new owners Liberty Media replacing the 86-year-old Briton with American Chase Carey.
Liberty Media, the US firm that completed a takeover of the sport in January, immediately identified digital as an area ripe for development as it seeks to tap lucrative new revenue streams and give fans more of an experience.
