JP Morgan has not abandoned €3.5bn European Super League

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The president of Real Madrid, Florentino Perez has insisted that JP Morgan has not abandoned the failed European Super League contrary to viral reports.

Since the planned league collapsed, there have been speculations stating that JP Morgan has withdrawn its 3.5 billion euros grant that the bank set aside for the commencement of the league in 2022.

Recall that the American investment bank and financial services holding company headquartered in New York City was the sole sponsor of the European Super League that could not stand the test of time due to pressure from football fans agitating against the league.

The brains behind the Super League were able to get top 12 European clubs for the league which was meant to rival the UEFA Champions League. But the league, according to Florentino Perez, has been put on hold because there are no longer enough clubs to execute it.

Recall that Chelsea, Arsenal, Tottenham Hotspur, Liverpool, Manchester United, Manchester City, AC Milan, Inter Milan, and Atletico Madrid were among the 12 clubs that signed up for the league, have withdrawn from it due to pressure from fans. Only Real Madrid, FC Barcelona, and Juventus are yet to officially announce their withdrawal.

Due to this, JP Morgan was expected to withdraw its 3.5 billion euros investment in the league but the Real Madrid president has insisted that JP Morgan’s involvement in the league remains intact.

“They (JP Morgan) have taken some time for reflection, just like the 12 clubs. If we need to make changes we will but the Super League is the best project we’ve thought of,” Florentino Perez told newspaper AS.

“What we have done is taken a few weeks to reflect in light of the fury of certain people who don’t want to lose their privileges and have manipulated the project.”

No going back for the clubs that have signed up for the league funded by JP Morgan

JP Morgan has not abandoned €3.5bn European Super League
The president of Real Madrid, Florentino Perez.

Besides confirming that JP Morgan is still very much available for the league, the president of Real Madrid, Florentino Perez, had said the 12 clubs that signed up for the league are under a contract which they should not breach.

The Real Madrid president insisted that even though most of the 12 clubs that signed up for the league have left, the European Super League or a similar one would emerge.

“I don’t need to explain what a binding contract is, but effectively the clubs cannot leave,” Perez said.

“Some of them, due to pressure, have said they’re leaving. But this project, or one very similar, will move forward and I hope very soon.”

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