JPMorgan Backs Super Soccer League With $4.8 Billion
- U.S. investment bank has agreed to underwrite investment
- Clubs are said to have signed binding deal to commit to league
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JPMorgan Chase & Co. is bankrolling the biggest upheaval of European soccer since the 1950s in a 4 billion-euro ($4.8 billion) bet that has already drawn heavy criticism from fans, domestic leagues and politicians.
The U.S. investment bank agreed to underwrite an initial 3.5-billion-euro investment to help a group of the world’s richest soccer clubs set up a top-tier Super League, a figure that will total 4 billion euros after additional payments and expenses, according to a person familiar with the matter. The investment, currently financed by JPMorgan, may be offered to investors at a later date, the person added, asking not to be identified as the discussions are still private.