JP Morgan apologises for funding European Super League
JP Morgan has vowed to “learn from” its experience with the failed European Super League, after committing £2.8bn to the controversial project.
In a statement, the investment bank said: “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.”
Although JP Morgan had committed billions to funding the league, no money had changed hands.
The investment bank was reportedly due to provide debt financing for the competition, and Sky News reported it was also to underwrite some £4.3bn in loans for the teams involved.
The European Super League, announced last Sunday, sparked anger among fans, rival clubs, other leagues and even politicians, who accused club owners of putting the game at risk in pursuit of profit.
The English clubs involved – Liverpool, Manchester United, Manchester City, Chelsea, Arsenal and Tottenham – were forced into an embarrassing u-turn over the project, while Manchester United’s executive vice-chairman Ed Woodward said he would step down at the end of the year.
Following the debacle sustainability rating company Standard Ethics downgraded JP Morgan’s rating from “adequate” to “non-compliant”