Advert

JP Morgan Announce They Have Ended £3.5 Billion European Super League Backing

Published 
| Last updated 

JP Morgan Announce They Have Ended £3.5 Billion European Super League Backing

The company financing the European Super League have pulled out of the breakaway competition.

American bank JP Morgan gave a £3.5 billion backing to the league which 12 founding clubs had signed up to be a part of it.

As per The Guardian, JP Morgan's bankers were poised to be covering payments of €200m and €300m to all sides involved.

But widespread opposition from fans, players, clubs, associations and governing bodies caused the Premier League's "big six" to drop out one by one, with Atletico Madrid and clubs in Italy also getting cold feet.

Advert

Loading…

And now JP Morgan have released a statement confirming their withdrawal and apologising for their error or misjudgement.

"We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future," JP Morgan said.

"'We will learn from this."

Advert

The formation of the controversial ESL was announced in a statement, complete with quotes from owners of the founding members, on Sunday evening.

After English clubs removed themselves ,a second statement from the ESL on Tuesday reaffirmed their commitment to the plans.

"We are proposing a new European competition because the existing system does not work," the ESL said.

Advert

"Our proposal is aimed at allowing the sport to evolve while generating resources and stability for the full football pyramid, including helping to overcome the financial difficulties experienced by the entire football community as a result of the pandemic.

"It would also provide materially enhanced solidarity payments to all football stakeholders.

"Despite the announced departure of the English clubs, forced to take such decisions due (to) the pressure out (put) on them, we are convinced our proposal is fully aligned with European law and regulations as was demonstrated today by a court decision to protect the Super League from third party actions.

"Given the current circumstances, we shall reconsider the most appropriate steps to reshape the project, always having in mind our goals of offering fans the best experience possible while enhancing solidarity payments for the entire football community."

Advert

But fast forward a few chaotic days and now the plans appear to be dead in the water. It seems as though Spanish sides Barcelona and Real Madrid are the only two big guns still in the mix for the breakaway league.

Speaking on Wednesday, Real Madrid president Florentino Perez, one of those behind the Super League, said the competition was on "stand-by".

"The Super League project is now in stand-by, I can confirm," Perez told radio station El Larguero.

"Juventus and AC Milan have not left the Super League. Real Madrid, Barcelona, Juventus and AC Milan are still in talks to find solutions.

Advert

"If this project didn't work, another one will. Remember: all the 12 clubs have signed a binding contract."

Topics: European Super League, Football, Premier League

Josh Lawless
More like this
Advert
Advert
Advert

Chosen for YouChosen for You

Football

William Saliba Matched Kylian Mbappe Stride For Stride Before Producing A Spectacular Match-Saving Tackle

in 44 minutes

Most Read StoriesMost Read

Football

Virgil Van Dijk Chested Cristiano Ronaldo After Incident With Curtis Jones, He Didn't Want It

17 hours ago