FIFA is weighing a proposal that could bring outside investors into the management of its biggest events, including the men’s and women’s World Cups. The idea, framed as a potentially massive transaction, has prompted debate over whether a tournament so closely tied to a governing body could effectively end up with private ownership in its business operations.

At the center of the discussion is not simply who runs the events, but how such a structure would be treated for tax purposes. Selling a stake tied to World Cup operations could create complicated questions about revenue, control, and the legal status of income connected to FIFA’s flagship competitions.

That makes the issue larger than a straightforward sports investment story. The World Cup is one of the most valuable events in global sports, so any attempt to separate operating rights or commercial management from FIFA itself would likely face close examination from tax experts and regulators.

The proposal also highlights how sports governing bodies are increasingly being pushed to think like major media and entertainment businesses. For FIFA, the challenge is whether outside capital can be brought into the World Cup ecosystem without creating new financial and tax risks around the sport’s most important tournaments.