JPMorgan Chase & Co. has agreed to underwrite a 4-billion-euro investment to help set up a top-tier super soccer league, according to Bloomberg.
- The investment bank will bankroll an initial 3.5-billion-euro investment which will total 4 billion euros or $4.8 billion after additional payments and expenses.
- The financing has been set at an interest rate of between 2% and 3%, and set over a 23-year time frame.
- The investment may be offered to investors at a later date, but has already drawn criticism from fans, domestic leagues, and politicians.
- Several teams have signed up so far to play each other midweek — six teams from England, three from Italy, and three from Spain. It will have 15 permanent teams, and another five would qualify to take part every year.
- The shift would free clubs from games with smaller teams that bring in lower income. This would break with the principle that anyone can qualify or fail to qualify for soccer competitions.
- Leagues from England, Spain, and Italy, as well as the Union of European Football Associations (UEFA) and Fédération Internationale de Football Association have threatened clubs who join the Super League of legal action and ejection.
- UEFA also threatened to ban Super League team players from national teams that take part in Euro and World Cup competitions.