Wednesday, May 5, 2021

European Super League: JP Morgan says it ´clearly misjudged´ deal

SoccerNews in La Liga 23 Apr 2021

29 Views

JP Morgan, the investment bank who had agreed to back the breakaway European Super League, has vowed to learn from a saga it “clearly misjudged”.

The New York-based company was said to have committed €3.25billion to fund the controversial project.

But plans for the competition, which was officially revealed by the 12 founding clubs last weekend, fell through within 48 hours of the announcement after England’s ‘big six’ pulled out.

Pressure from fans, players, coaches, governing bodies, governments and the media built up on the clubs due to the anti-competitive nature of a tournament intended to rival UEFA’s Champions League model.

The dozen founders would have been guaranteed participation each year regardless of performances in their domestic leagues.

Only LaLiga giants Real Madrid and Barcelona still appear committed to the proposal with Juventus – keen supporters, led by chairman Andrea Agnelli – acknowledging the initial version of the Super League will not work.

JP Morgan said in a statement released on Friday: “We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future. We will learn from this.”

Sustainability rating agency Standard Ethics had earlier downgraded JP Morgan from an “adequate” rating to “non-compliant” following the episode.

“Standard Ethics judges both the orientations shown by the football clubs involved in the project and those of the US bank to be contrary to sustainability best practices,” it said.

ABOUT THE AUTHOR

SoccerNews

Soccernews.com is news blog for soccer with comprehensive coverage of all the major leagues in Europe, as well as MLS in the United States. In addition we offer breaking news for transfers and transfer rumors, ticket sales, betting tips and offers, match previews, and in-depth editorials.

You can follow us on Facebook: Facebook.com/soccernews.com or Twitter: @soccernewsfeed.

SHARE OR COMMENT ON THIS ARTICLE

WE RECOMMEND

Leave a Reply

avatar
 
smilegrinwinkmrgreenneutraltwistedarrowshockunamusedcooleviloopsrazzrollcryeeklolmadsadexclamationquestionideahmmbegwhewchucklesillyenvyshutmouth
  Subscribe  
Notify of
Live Scores

advertisement

Betting Guide Advertisement

advertisement

Become a Writer
More More
Top