European football's governing body Uefa has reacted furiously to proposals from Fifa to seek private investment in its competitions, including the World Cup.

Fifa – the sport's global governing body – said it intends to expand "football development funding" to more than $10bn (£7.5bn) and invite third-party investment in a new venture.

The story was first reported in the Financial Times and the Times, with the latter claiming the plans could potentially earn Fifa president Gianni Infantino tens of millions of pounds.

In a lengthy statement outlining the proposals, Fifa says it will " invite third parties to make minority, non-controlling investments" in a new subsidiary – Fifa Forward Enterprise (FFE) – to "consolidate" its commercial and event operations.

Fifa say that once approval has been granted, Thrive Eternal is expected to lead the proposed investor group for FFE.

Thrive is an American venture capital firm founded by Joshua Kushner, the brother of US President Donald Trump's son-in-law Jared.

Infantino said every nation should benefit from the riches football creates.

"Parts of the game have turned that popularity into remarkable commercial value – and we celebrate that success and want it to continue, because it lifts the whole game," he said.

"Our job is to make sure the rest of football grows with it: Fifa exists to support sustainable, inclusive development in every corner of the world."

However, Uefa issued a statement criticising the proposals, which it claimed "crosses a line".

Uefa sees the announcement as a step too far – and raises the potential for further expansion of Fifa competitions in order to raise revenue, both in terms of size and frequency, which could threaten its own lucrative competitions.

"This crosses a line that football's governing institutions should never cross," Uefa said.

"Uefa takes it extremely seriously. So should every National Football Association. So should every stakeholder who cares about the future of the game.

"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."

Fifa says it would retain control of FFE "and exclusive authority over football governance, competitions, the international match calendar and all regulatory and sporting decisions".

The matter is likely to be a topic of conversation at the next Fifa Council meeting in the autumn and then around the Fifa Intercontinental Cup, featuring Champions League winners Paris St-Germain, in December.

The proposal could be voted on by all 211 members at the Fifa Congress in Morocco in March.