Yahoo Finance JP Morgan reportedly to finance new 'European Premier league'
JP Morgan (JPM) is reportedly in line to finance the creation of a new European super league for the continents top football teams.
Sky News reported on Tuesday that top clubs including Liverpool and Manchester United (MANU) were involved in talks to create a new pan-European competition featuring a fixed roster of the continents best teams. Other clubs believed to be involved include Real Madrid and PSG.
JP Morgan is said to be organising a $6bn (£4.6bn) package of financing to get the project off the ground. The funding would be repaid through future revenues earned by the competition.
JP Morgan declined to comment.
The new European super league project is backed by FIFA, Sky said. It was not clear whether UEFA — Europe’s governing body for football — was aware or involved with the project.
UEFA’s involvement would determine whether the new league would compete with or replace the existing Champion’s League.
Sky said as many as five English clubs could join the new “European Premier League.” Clubs would still play in their domestic leagues, according to the report.
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Top clubs have for years considered breaking away to form a new competition that would entrench Europe’s traditional elites, rather than forcing yearly qualification. These plans have consistently been rejected by fans, national federations, and politicians.
Sky said details of the latest project could be published as soon as this month but said the project may yet fall apart.
