JP Morgan Admits To Super League Blunder
April 23, 2021, 4:15:49 PM
JP Morgan Chase said that after a massive backlash from fans and politicians, football clubs misjudged the decision to fund their unsuccessful attempt to create a separatist Europa Super League.
The US Bank had financed a € 3.25 billion (£ 2.8 billion) fund package for the plan, which will see 15 European teams, including the UK's six largest teams awarded permanent seats in an annual Competition.
A JP Morgan spokesperson said: "We clearly misjudged how this deal will be seen by the wider football community and how it might affect them in the future. We will learn from this."
The plan was announced on Sunday night but collapsed by Thursday after multiple clubs pulled under a Barrage of criticism.
European Heads of Government, including Boris Johnson, French Emmanuel Macron, and Italian Mario Draghi, voiced their opposition to the plan.
The 15 clubs were Italy's AC Milan, Internazionale Milan and Juventus, Spain's Atlético de Madrid, Barcelona and Real Madrid, as well as England's Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham Hotspur.
Advocates of ESL argued that it would improve football by establishing a more streamlined Fixtures cycle between major teams and with huge payouts that would trickle down to teams not included.
And the person who knew about league plans said the deal will include funding for grassroots sports and community projects. JP Morgan had no control over the league's strategy.
However, the involvement of the investment bank caused a sustainability rating agency to lower its assessment of JP Morgan's ethical performance.