FIFA is seeking to raise as much as $2 billion for the expansion of FIFA+, the free streaming service launched by football’s global governing body to offer live coverage of matches, according to people with knowledge of the matter.

FIFA is working with UBS Group AG to raise $1 billion to $2 billion to expand the service, said the people who asked not to be named as information is private. A formal fundraising process is expected to kick off in July, targeting mostly financial investors from the US and the Middle East, the people said, a Bloomberg report yesterday stated.

Deliberations are at an early stage, and details such as timing and fundraising size could change, according to the people. The investment would be for a minority stake in FIFA+, the people added, who asked not to be named discussing confidential information. Representatives for UBS and FIFA declined to comment, Bloomberg added.

The organizers of both golf and domestic football leagues have been spinning off media rights in order to raise capital, with investors receiving future advertising and broadcasting revenue.

FIFA+ was launched in April 2022 as a free, ad-supported streaming service that planned to stream 40,000 live games a year, with at least a quarter coming from women’s matches.

So far, FIFA+ has offered live streaming in smaller broadcast markets, with last year’s Women’s World Cup predominantly offered for free in countries where it hadn’t sold TV rights. FIFA+ is currently streaming the men’s Oceania Football Confederation tournament, where New Zealand are set to play Vanuatu in the final on June 30.