Investment bank JP Morgan admitted that it “clearly misjudged” the backlash from football fans over the proposed new European Super League.
The financial giant had committed just over £ 2.8bn in seed funding to the ill-fated scheme, although no money has changed hands yet.
But on Friday, a statement from JP Morgan said: “We clearly misjudged how this deal would be viewed by the wider football community and how it might affect them in the future.
“We will learn from it.”
The controversial new league was slated to include Liverpool, Manchester United, Manchester City, Chelsea, Arsenal and Tottenham, as well as Spanish teams Atletico Madrid, Real Madrid and Barcelona, and Italian clubs AC Milan. , Juventus and Inter Milan.
However, the plans quickly and dramatically unraveled and all six Premier League clubs, Italian clubs and Atletico Madrid withdraw.
JP Morgan was to provide debt financing for the competition. It is understood that he was also to guarantee around £ 4.3bn in loans for the teams involved.
The separatist league proposal posed a direct challenge to the UEFA Champions League and also threatened to devalue Europe’s top domestic leagues.
He has drawn widespread protests from fans and outrage from UEFA, FIFA, leagues, clubs, players and politicians, making him a non-runner.
Even Prince William, president of the FA, joined the chorus of disapproval, tweeting: “I am glad that the united voice of football fans has been heard and listened to.
As FA chairman, Prince William felt compelled to add his voice to the debate
“It is now very important that we use this moment to ensure the future health of the game at all levels.”
The debacle has now prompted a number of questions about the funding of football and the grip of the big landowners over the game.
On Friday a call came for the Glazer family who control Manchester …
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Source: news.sky.com
This notice was published: 2021-04-23 09:25:00
