Press "Enter" to skip to content

JPMorgan Bank claims to have "badly evaluated" the impact of the Super League on football

The US bank JPMorgan admitted on Friday to having “misjudged” the impact of the European Super League project that it promised to finance but which quickly turned into a fiasco, without however specifying whether it would withdraw from it.

“We had clearly misjudged how this operation would be perceived by the world of football in general and the impact it would have in the future. We will learn from this,” said a JPMorgan spokesman.

But the bank did not explicitly state whether it was severing ties with the Super League.

According to a decision issued on Tuesday by a Madrid commercial court, the loan agreed on April 17 amounted to 3.983 million euros (about 4.8 billion dollars).

The deal was announced Sunday night, but was torpedoed 48 hours later when all six English clubs that were part withdrew after strong political and sporting protests and a backlash from fans.

JPMorgan had publicly stated that it was funding the competition. The Super League had planned an initial payment of 3,500 million euros to be distributed among the 12 founding clubs.

A source close to the case assured AFP that the loan is accompanied by “many terms and conditions” and “it does not seem possible that the Super League will comply with them.”

Florentino PĂ©rez, president of Real Madrid and the first president of the “Superliga”, said on Wednesday night that the project was on hold and that it had not been abandoned.

jbo / acc / dr

Read more

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *