In a statement released on Friday, the US bank JP Morgan admits having “clearly misjudged” the Super League project. It had to invest between 4 and 6 billion for this new competition, which quickly turned into a fiasco.
The American bank JPMorgan admitted on Friday having “clearly misjudged” the European football Super League project it wanted to finance but which quickly turned into a fiasco. JP Morgan promised an investment of 4 billion euros for this new competition.
Launched this Sunday evening by 12 European clubs, this Super League project only lasted 48 hours, with the withdrawal on Tuesday evening of the six English clubs involved. Atlético de Madrid, AC Milan and Inter Milan withdrew on Wednesday. If Juventus and Real Madrid regretted the failure, they also embraced their idea, believing it to be viable and necessary for European football.
“We will learn from it”
“We clearly misjudged how this operation would be perceived by the wider football world and the impact it would have in the future. We will learn from it,” said a spokesperson for JPMorgan, in a statement. press release published this Friday by the American bank.
The bank does not explicitly state whether it is cutting ties with the Super League. JPMorgan had publicly announced that it was funding the competition, the Super League having notably provided for an initial payment of 3.5 billion euros to be shared between the twelve founding clubs. A source familiar with the matter told AFP that the envisaged loan comes with many conditions that the Super League now does not seem able to meet.
This sporting failure also had consequences for the bank’s reputation. Standard Ethics, an international extra-financial rating agency, has announced downgrading JP Morgan’s rating in the wake of the resounding failure of this Super League project.