Super League: JPMorgan bets $4.8bn on disrupting football

United States investment bank JP Morgan Chase & Co has agreed to underwrite an initial $4.2bn investment that could swell to $4.8bn to help set up the Super League, sources tell Bloomberg.

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 has agreed to underwrite an initial 3.5-billion-euro investment to help set up the 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. A group of the world’s richest soccer clubs including Manchester United and Real Madrid said they will break away from the prestigious UEFA Champions League and form their own Super League. The marquee names – six from England, three from Italy and three from Spain have signed up so far – would play each other midweek. Alongside 15 permanent teams, another five will qualify to take part each year.