JP Morgan To Finance Breakaway Super League

JP Morgan to finance breakaway Super League

iexclusive News Nigeria reports that a US investment bank JP Morgan on Monday confirmed it is financing the breakaway Super League featuring 12 of Europe’s top football clubs, which threatens to shake up the world’s biggest sport.

A spokesman for JP Morgan said in an email that its involvement with the new league which has been set up as a rival to UEFA’s Champions League and includes clubs such as Real Madrid and Manchester United.

Each of the clubs from England, Italy and Spain will receive a one-off payment of €3.5 billion ($4.2 billion).

Six Premier League teams – Liverpool, Manchester United, Arsenal, Chelsea, Manchester City and Tottenham Hotspur – are involved, alongside Real Madrid, Barcelona, Atletico Madrid, Juventus, Inter Milan and AC Milan.

According to one source, at least two French clubs are also set to join the new league, without revealing the clubs’ identities.

The clubs, most of them saddled with debt and large wage bills, and hit hard by the pandemic, stand to benefit financially, with predictions that they will share billions of euros.

The clubs were immediately accused of greed and cynicism and threatened with international exile by their own leagues as well as UEfA.

Organizers said in a statement that three more founding members would be announced, with a further five places up for grabs through a qualifying system each year and the inaugural edition to start as “soon as practicable”.