Future of the Sports Industry Benefits from FIFA Scandal
In the wake of the FIFA scandal that has been plastering the headlines for the past few months, it’s almost impossible not to think about the future of the sports industry. In May 2015, U.S. Attorney General Loretta Lynch announced that she had conducted a long term investigation into FIFA, which had lead to the uncovering of over $150 million in bribes given to FIFA officials. The bribes uncovered were not only for the bids for the 2018 and 2022 world cup but go back to more than ten years ago.
The United States has indicted 14 people on corruption charges in relation to the FIFA bribes. Nine of those arrested were top FIFA officials. Several of the accused were arrested in Switzerland, near FIFA’s headquarters in Zurich. The prosecutors for this case used the accused’s reliance on American banks and American locations to conduct meetings as the basis for charging them in federal court.
The business of sports is a multinational multi-billion dollar industry. These recent arrests have set a new standard not only for the future of FIFA but for the future of the sports industry. New sports management leaders will have to be more transparent and better educated on business ethics and the business of the sports industry.
