Super League backer JP Morgan admits they "misjudged" the project
The investment bank had promised up to €4 billion for the league's founders
The investment bank that was willing to finance the European Super League has admitted it "misjudged" the project and has withdrawn its support.
The United States bank JP Morgan promised to learn from the experience after seeing a huge backlash to the proposals this week.
"We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future," a statement said. "We will learn from this.”
JP Morgan has confirmed that it was ready to finance the breakaway league with a grant of up to €4 billion euros for the competing clubs, EFE learned.
Barcelona, Real Madrid and Atletico Madrid were among the 12 founding clubs, along with six English teams and three from Italy.
However, following condemnation of the project and fan protests in England this week, the clubs began to withdraw the participation.
All six English teams (Manchester City, Liverpool, Manchester United, Chelsea, Arsenal, Tottenham) dropped out at first, with Inter Milan and Atletico Madrid following.
Juventus and AC Milan later release statements distancing themselves but not explicitly withdrawing, but Barca and Madrid continue to back the ideas.
