JPMorgan’s secret FIFA deal casts dark shadow over new Olympic partnership

Back in April, when JPMorganChase was named as the first Global Banking Partner of the Olympic Games, it seemed like a bit of a coup.

The historic sponsorship of the biggest bank in the United States, and the world’s largest by market capitalisation, was hailed as a major commercial victory for the Olympic Movement.

But now, less than 16 weeks after the deal was announced amid much fanfare, there are questions about whether the International Olympic Committee should even be proceeding with the $200 million sponsorship, after JPMorgan was unmasked as a key architect in the secret proposal to sell off a stake in the FIFA World Cup.