Sports is an industry steeped in scandal and major financial wrongdoing, panelists said at an international conference examining financial integrity in sports.

That dark side recently had a light shined on it, with the recent indictment of six FIFA officials. The indictments, handed down by the US Department of Justice, accuses the six officials from soccers international governing body of taking bribes and other financial corruption.

This is a huge corporate scandal, said Michael Hershman, who previously served as an adviser with FIFA. Hershman, talking at he Organization of American States in Washington, said the scandal highlights that the sports industry needs more transparency and supervision.

More transparency and financial integrity will require increased governance from the sports industry, Chris Eaton said.

Eaton, an executive with the International Centre for Sport Security, said that while sport has become an emerging, growing industry economically, its governing systems are stuck in the past.

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