(AfriquesPlus) - Five years after issuing a rare apology for its involvement in the doomed European "Super League" project, Wall Street giant JPMorgan Chase is once again facing a fierce backlash from the football community. According to an in-depth investigation by Tariq Panja, published on August 4, 2026, in The New York Times, the leading U.S. bank played a crucial role in a highly controversial and now-scrapped plan led by FIFA President Gianni Infantino to sell off commercial rights to the World Cup.
The crisis erupted when The Times of London revealed last week that Infantino had been secretly working for over a year on a plan to spin off FIFA’s commercial assets—valued at $20 billion—into a new entity. The goal was to sell a 20% stake to private investors for $4.2 billion.
According to The New York Times, this scheme was orchestrated alongside venture capitalist Joshua Kushner, whose firm’s subsidiary, Thrive Eternal, was set to be a primary backer. "JPMorgan’s role was to find other investors to join the deal [...] to make up the $4.2 billion private investment," Panja reports.
Interestingly, the bank’s involvement was not driven by its traditional investment banking arm. Instead, it was spearheaded by Mary Erdoes, head of the asset and wealth management division, who had developed ties with Infantino since he relocated to Miami following the 2022 World Cup. Demonstrating the bank's deep commitment, JPMorgan’s logo even appeared on a leaked FIFA sales deck pitched to member federations.
The reaction was swift and devastating, echoing the 2021 Super League fiasco. European soccer’s governing body, UEFA, threatened to boycott the World Cup entirely if the plan proceeded. Under immense pressure, Infantino was forced to cancel the project late Friday, stating that the proposal had "created divisions of a nature that [...] are no longer in the interest of the objective set out in the first place."
The fallout is shaking FIFA to its core. Senior officials have openly rebelled against Infantino. Carlos Cordeiro, a senior adviser and former Goldman Sachs executive, resigned, pointing out the absurdity of selling a permanent stake in the sport's most valuable asset when FIFA already "sits on billions of dollars in reserves and no debt." Meanwhile, Chief Operating Officer Kevin Lamour publicly accused the president of deception, declaring that the staff deserved "better than contempt and intimidation."
As the dust settles, JPMorgan remains silent, declining to comment on its role. However, the legal and reputational risks may not be over. UEFA lawyers have already contacted FIFA, demanding the preservation of all documents related to the deal, specifically including any communications involving the Wall Street titan. As Ronan Evain, executive director of Football Supporters Europe, bluntly noted: "That JPMorgan seems to have misread football twice says more about football governance than about finance."
