JPMorgan Again Entangled in a Soccer Fiasco
The New York Times • • sports
Key Points:
- In April 2021, JPMorgan Chase faced backlash for backing a breakaway Super League of elite soccer clubs, which collapsed within a week due to fan protests and government condemnation.
- JPMorgan apologized for misjudging the intense fan passion surrounding global soccer, with CEO Jamie Dimon acknowledging the bank's error.
- Five years later, JPMorgan is again embroiled in a global soccer crisis as European nations threaten to boycott the FIFA World Cup amid calls for FIFA President Gianni Infantino's resignation.
- JPMorgan played a key role in Infantino's plan to create a separate company holding FIFA's commercial assets, aiming to sell 20% of it for $4.2 billion, valuing FIFA's commercial business at $20 billion.
- The deal, involving venture capitalist Joshua Kushner, has sparked controversy and intensified scrutiny of FIFA's governance and commercial strategies.
