US investment bank JP Morgan Inc (NYSE:JPM) has apologised for its role as the financier of the proposed European Super League (ESL) and said it ‘clearly misjudged the mood of the European football public.
The Wall Street giant had arranged a £4bn finance package to bankroll the project, but it collapsed within days of being announced due to a furious backlash from fans, players and politicians.
In a statement, the 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.”
The new league had signed up twelve of Europe’s largest clubs including the so-called big six in England of Liverpool, Manchester United, Manchester City, Arsenal and Tottenham.
Spain’s three top La Liga sides, Barcleona, Real Madrid and Atletico Madrid also signed up along with Italian giants AC Milan, Juventus and Inter Milan.
JP Morgan had arranged debt financing for the competition including underwriting loans of £4.3bn for those involved.
Pundits however slammed the format for its US-style lack of relegation and promotion and the guaranteed entry for the founders and claimed it would severely devalue competition in the national leagues
The mea culpa apology from JP Morgan follows similar acts of contrition from the other clubs involved though Real Madrid and Barcelona both insist the proposal still has merit and will happen eventually.
JP Morgan has strong links with the Americans involved in the ESL and was heavily involved in Manchester United’s listing in New York while also providing the finance for Arsenal owner Stan Kroenke’s new stadium for the LA Rams, his American football franchise.