JPMorgan Gets Caught Up in Europe’s Big Soccer League Blunder
- The U.S. bank was set to finance the project with $4.8 billion
- More than half the Super League teams have now pulled out
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Funding a revolution is always a risky business, and one of the world’s largest banks is now exposed to a very public defeat in the emotional arena of soccer.
JPMorgan Chase & Co. agreed to back Europe’s breakaway league to the tune of 4 billion euros ($4.8 billion). The plan was to create a new competition that would guarantee games and revenue for the participating clubs for years to come, and help embed the U.S. financier at the center of the most popular sport on the planet.