JPMorgan Chase Faces Criticism Over FIFA World Cup Investment Plan

JPMorgan Chase has found itself at the center of another controversy surrounding its involvement in a scheme to sell a stake in the FIFA World Cup and other competitions to private investors. The plan, spearheaded by FIFA president Gianni Infantino, aims to create a commercial subsidiary called Fifa Forward Enterprise (FFE) that will run FIFA events with external investors making minority, non-controlling investments.

The investment project would see FIFA receive $4.2 billion in cash from private investors led by Thrive External, an investment fund set up by Joshua Kushner, the younger brother of Jared Trump's son-in-law. In return, the investors would take a 20% stake in FFE.

JPMorgan Chase has been advising FIFA on the creation of FFE and has drawn criticism for its involvement in a similar scheme to create a breakaway elite European football league in 2021. The bank apologized at the time, saying it had 'misjudged' feeling among supporters.