Interesting article in the WSJ this morning regarding Nike and its foray into FIFA football in Brazil. Turns out that there is a possibility that Nike executives could be indicted. They signed a marketing agreement with the Brazilian national team that included giving a $40 million fee to a sports marketing firm called Traffic. Then several days later Traffic received another $30 million that went to a Swiss bank account. It is alleged that is money was used for bribes and kickbacks. Nike has received $2 billion in revenues from its FIFA deal. Phil Knight’s name is mentioned prominently. How great would that be if Uncle Phil gets indicted on bribery charges?
