JP Morgan admits it 'clearly misjudged' ESL

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The New York-based company was said to have committed €3.25 billion ($5.1 billion) to fund the controversial project.

But plans for the competition, which was officially revealed by the 12 founding clubs last weekend, fell through within 48 hours of the announcement after England's 'big six' pulled out.

Pressure from fans, players, coaches, governing bodies, governments and the media built up on the clubs because of the anti-competitive nature of a tournament intended to rival UEFA's Champions League model.

The dozen founders would have been guaranteed participation each year regardless of performances in their domestic leagues.

Only LaLiga giant Real Madrid and Barcelona still appear committed to the proposal with Juventus – keen supporters, led by chairman Andrea Agnelli – acknowledging the initial version of the Super League will not work.

A statement from JP Morgan released on Saturday (AEST) read: "We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future. We will learn from this."

Sustainability rating agency Standard Ethics had earlier downgraded JP Morgan from an "adequate" rating to "non-compliant" after the episode.

"Standard Ethics judges both the orientations shown by the football clubs involved in the project and those of the US bank to be contrary to sustainability best practices," it said.


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