Thread by @BiIndia

#JPMorgan is doling out billions to fund the ‘Dirty Dozen’ Super League — the biggest disruption in the history of #ClubFootball

businessinsider.in/sports/news/jp…

By @pabsgill

@pabsgill US-based financial services firm #JPMorgan is the treasure chest behind one of the biggest disruptions in history of football — the #SuperLeague.

@pabsgill “I can confirm that we are financing the deal, but have no further comment at the moment,” a spokesperson of the American investment bank told news agency AFP.

#JPMorgan #SuperLeague

@pabsgill Most of the clubs are saddled with debt, large wage bills, and the second wave of #COVID refuses to let up. The #pandemic has cost European football an estimated €2 billion (₹20,750 crore) to date, according to Deloitte.

#JPMorgan #SuperLeague

@pabsgill The #SuperLeague is also offering ‘uncapped solidarity payments’ to the tune of €10 billion (₹89,633 crore), which will grow as the league revenues grow over the 23-year term of the contract.

#JPMorgan

@pabsgill The twelve founding members of #SuperLeague so far include the Premier League’s ‘big six’ as well as the top clubs from Italy and Spain.
They’re being pegged as the ‘Dirty Dozen’, ‘Shameless Six’, ‘The Imposters’ and ‘The Rebels’ in newspapers across #Europe.

@pabsgill The main argument seems to be that there is already a platform that allows clubs from different countries and leagues to compete with each other — the #UEFAChampionsLeague.

#SuperLeague

@pabsgill Instead of being hailed as something that will improve football, as the founding members claim, fans and pundits are seeing this as a grab for power and money.

#SuperLeague

@pabsgill The Union of European Football Associations (#UEFA), backed by the Spanish, English and Italian football leagues, has threatened these clubs and their players with bans and legal action.

#SuperLeague

@pabsgill The deal is yet to be final. The #SuperLeague still needs three more clubs to sign up to make the grand total 15 before it can officially be in business. Regardless, it has plans to kick off ‘as soon as practicable’.