JPMorgan Chase & Co. is backing Europe’s Super Soccer League with a 4 billion-euro or $4.8 billion bet, according to Bloomberg. The U.S bank will underwrite an initial 3.5 billion euro-investment to set up the top-tier Super League, a figure expected to total 4 billion euros after additional payments.
The Super League has been backed by six teams from England, three from Italy, and three from Spain, in what could be a direct challenge to the UEFA Champions League.
Alongside 15 permanent teams, another five would qualify to take part each year
The move would free the clubs from games against smaller teams that fetch lower incomes
JPMorgan’s financing has been set at an interest rate of between 2% and 3% over a 23-year time frame.
The call for a Super League has attracted criticism from soccer governing bodies UEFA and FIFA
UEFA has threatened to ban Super League team players from national teams that take part in Euro and World Cup competitions
BT Group Plc, which holds the rights to Champions League broadcasts in the U.K, says the move could damage the long-term health of soccer.
JPMorgan’s links to landmark deals in sport stretch back almost 20 years.
