How JPMorgan Chase received European soccer so flawed
But America’s biggest bank didn’t foresee this: Following massive blowback from fans, the sport’s governing bodies, UK Prime Minister Boris Johnson, French President Emmanuel Macron and even the British royal family, efforts to form the European Super League have crumbled in a matter of days.
“I don’t think that project is now still up and running,” Andrea Agnelli, chairman of Italian club Juventus and one of the plan’s key architects, said on Wednesday.
The 12 teams that tried to form the doomed league have been accused of seeking to orchestrate a massive cash grab by walling themselves off from competition, a goal that runs counter to the traditions of European football.
JPMorgan (JPM), which provided a €3.5 billion ($4.2 billion) loan to get the project started, is now being painted as a willing accomplice to billionaire club owners out to line their own pockets while undermining one of Europe’s prized cultural assets with its roots in working-class communities.
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