JP Morgan ‘sorry’ for £2.8bn funding for ESL
JP Morgan has apologised for funding the failed European Super League, and vows to “learn from” the experience.
Although no money had changed hands, JP Morgan had committed £2.8bn to funding the league.
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.”
JP Morgan was reportedly due to provide debt financing for the ESL, and Sky News reported it was also to underwrite some £4.3bn in loansfor the teams involved.
The European Super League (ESL) was announced last Sunday, and was swiftly met with widespread backlash from sports teams, celebrities, Prince William and even the Prime Minister.
The club owners of the ESL were accused of putting the game at risk in pursuit of profit.
There were six English clubs involved in the ESL – Liverpool, Manchester United, Manchester City, Chelsea, Arsenal and Tottenham. THe six teams were forced into an embarrassing u-turn, and Man Utd’s executive vice-chairman Ed Woodward announcing he will step down at the end of 2021.
Following the debacle, JP Morgan’s rating has been downgraded from “adequate” to “non-compliant,” by Standard Ethics.
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