JPMorgan Chase : All six English clubs abandon JP Morgan Super League plan
April 21, 2021 at 11:31 am IST
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All six English clubs have pulled out of the European Super League (ESL) after plans for the JP Morgan-backed venture were met with a fierce backlash.
Manchester City were the first Premier League side to officially withdraw from the competition following reports Chelsea were preparing to do so.
Read more: European Super League crumbling as top clubs Chelsea and Man City pull out after backlash
Arsenal, Liverpool, Manchester United and Tottenham have all now followed suit.
In a statement last night the ESL stood by its plans and said it would “reconsider the most appropriate steps to reshape the project”.
But the withdrawal of half the teams involved after just 48 hours marks a major blow to football financiers and JP Morgan, which had pledged to inject £4.3bn into the project.
The ESL, announced on Sunday, sparked anger among fans, rival clubs, other leagues and even politicians, who accused club owners of putting the game at risk in pursuit of profit.
Prime Minister Boris Johnson vowed to block the move, while fans demonstrated outside football grounds around the country.
The English clubs have now been forced into an embarrassing U-turn over the project.
Read more: Swift disintegration of European Super League leaves it looking like nothing more than an elaborate power play that backfired spectacularly
Last night Manchester United executive vice-chairman Ed Woodward said he would step down at the end of the year.
In an open letter Arsenal last night apologised to fans, while Tottenham said it regretted the “anxiety and upset” the saga had caused.
The post All six English clubs abandon JP Morgan Super League plan appeared first on CityAM.
JPMorgan Chase & Co. is one of the biggest banking groups in the world. Revenues (including intragroup) break down by activity as follows:
- investment and market banking (40.2%): consulting for mergers-acquisitions and restructuring, capital increases, investment capital, active on the stock, bond, and derived product markets, stock market brokerage, etc.;
- retail banking (38.9%): sale of standard and specialized financial services (real estate loans, automobile loans, insurance, etc.) through a network of more than 4,790 banking agencies. The group also develops credit cards sale activity;
- asset management (13.2%): USD 3,113 billion of assets under management at the end of 2021;
- commercial banking (7.7%).
At the end of 2021, the group was managing USD 2,462.3 billion in current deposits and USD 1,077.7 billion in current loans.
Income breaks down geographically as follows: the United States (76.2%), Europe/Middle East/Africa (13.6%), Asia/Pacific (7.9%), Latin America and Caribbean Islands (2.3%).