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JPMorgan Back to Back 6bn Brexit European Super League | JP Morgan

JPMorgan Chase has confirmed that it will finance New $ 6bn (£ 4.3bn) European Super League Football Football League, Which will include six English clubs and three each from Italy and Spain.

The US investment banking giant said on Monday that it was financing the venture, but declined to say how much stumping it was doing to build the proposed new league or when the competition would begin.

“I can confirm that we are financing the deal, but there is no further comment,” the spokesperson said.

The bank hopes to provide about $ 6 billion in funding to establish the league, which it can start “as soon as possible”.

A statement from the European Super League stated: “AC Milan, Arsenal, Atletico Madrid, Chelsea, Barcelona, ​​Inter Milan, Juventus, Liverpool, Manchester City, Manchester United, Real Madrid and Tottenham Hotspur all join as founding clubs went.

“It is anticipated that the next three clubs will join before the inaugural season, which is intended to begin as soon as practical.”

The plans have been condemned by world leaders, veterans of the Premier League, football stars and fans.

Boris Johnson said the plans would be “very harmful to football”. Former Manchester United and England defender Gary Neville said the creation of the new league revealed the “pure greed” of the billionaire owners of English clubs.

Manchester United’s billionaire co-chairman, Joel Glazer, said the new league would open a new chapter for the biggest football clubs.

“By bringing great clubs and players from all over the world together throughout the season to play together, the Super League will open a new chapter for European football, ensure world-class competition and facilities, and increase financial support for the wider football pyramid. ,” said.

Glazer will become the vice president of the new league.

Manchester United are unhappy with a net debt of £ 455.5m, according to their latest accounts, and a £ 60m borrowing has been raised during the epidemic as the club would have to spend about £ 6m a game to play at Old Trafford. is.

Andrea Agnelli, president of Juventus and vice-president of the new Super League, said: “We have come together at this critical moment, which will help transform the European competition, the sport we love on a long-standing footing. Future term. “

Juventus has a majority in the billionaire agnostic family, as well as large stakes in Ferrari and The Economist newspapers Exor is a holding company in the Netherlands.

Florentino Perez, President of Real Madrid and President of the New Super League, said: “We will help football at every level and take it to its rightful place in the world. Football is the only global sport in the world with over 4 billion fans and as big clubs our responsibility is to respond to their wishes. “

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Former Football Association and Manchester City president David Bernstein said he was “embarrassed” of his old club and the creation of the new league showed the “frustration” of club owners who had made huge loans.

“There are two things at play here, one is greed and the other is frustration because some of these clubs have huge debts, certainly Barcelona and Real Madrid and at least one of the English clubs which will remain worthless, approaching £ 1bn. Has been. Debt, “he told BBC Radio 4’s Today program. “It’s a lifeline that’s going to end, if it happens at all, very badly.”

The new league is likely to match the American sports leagues, where there are no promotions or accusations and owners can predict steady annual profits. Recently many buyers of large European football clubs in the US already own the teams. The Glazer family bought the American football team the Tampa Bay Buccaneers for $ 192m in 1995; Today it is estimated to be worth $ 1.2 billion.

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