Fifa has circulated a 25-page JP Morgan presentation seeking support for a new commercial company, with 20% proposed for sale to US investor Joshua Kushner. The document says future growth would depend on more tournaments, higher ticket prices, debt and more lucrative media arrangements, raising concerns over player workload and why a cash-rich governing body would need borrowing. It also contains no reference to women’s football, despite setting out Fifa’s long-term commercial strategy.

Fifa has offered each of its 211 member associations a $20m (£15m) sign-up payment and forecasts four-year Fifa Forward payments of $24m per association in 2035-39. The deck suggests global tournaments could rise from 200 to 450 annually, while potentially expanding World Cup broadcasting to subscription services or streamers. It compares Fifa’s stated $3.6bn annual revenue with much larger revenues at US private leagues, a comparison some officials questioned; Fifa has about $4bn in reserves and expects $15bn in revenue during the current four-year cycle.