JPMorgan Chase learned the hard way from its failed role in the breakaway Super League, which upset fans and led to a public apology and a promise to learn from the mistake. Five years on, the bank is again at the centre of controversy, this time as a key adviser to FIFA’s plan to raise $4.2bn from global investors for a new commercial entity worth roughly $20bn. The project mirrors the Super League’s closed‑league model and has sparked outrage across the football world.

On Thursday, 55 Uefa member countries voted to boycott the World Cup if FIFA pushes ahead with the investment scheme. Without European participation, the tournament’s commercial viability—and FIFA’s ability to attract investors—would be severely weakened. Concacaf has also rejected the proposals. JPMorgan’s retail arm, Chase UK, is the official banking partner of England, Scotland, Wales and Northern Ireland’s national teams, adding another layer of interest to the outcome.

The bank has worked covertly with FIFA since the start of the project, alongside Joshua Kushner, brother of Donald Trump’s son‑in‑law Jared Kushner. The involvement of the Trump family has raised questions, as FIFA president Gianni Infantino has publicly courted President Trump. Despite these concerns, JPMorgan describes the venture as inclusionary, aimed at boosting global funding for the sport.

Investors warn that repeated missteps risk a reputational blow for America’s biggest bank, while football bodies like European Leagues label the initiative a reckless, divisive development. The ultimate test will be whether key associations—France, Spain, England—follow through on their boycott threat and keep the World Cup’s commercial engine running.