The last nail in the European Super League coffin? JP Morgan PULL their £3.5BILLION backing of the doomed breakaway and say they ‘misjudged’ it after English clubs pulling out saw their sustainability rating get downgraded to ‘NON-COMPLIANT’
JP Morgan have pulled out of their £3.5billion backing of the European Super League after the breakaway plans fell through this week.
The Premier League ‘Big Six’ were the first to withdraw on Tuesday evening, just 48 hours after they formed half of the founding members of the new competition.
Atletico Madrid and clubs in Italy have since pulled out of the controversial breakaway too, though Real Madrid and Barcelona have failed to bow to pressure and remain part of the league.
But in a blow to the LaLiga duo’s hopes of staging the competition later this year, the American bank has now revealed is it withdrawing funding for the Super League.
In a statement, JP Morgan 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.’