JPMorgan has confirmed it will bankroll the European Super League, a breakaway football league, in a $4.8bn bet.
The United States investment bank will help finance a group of the world’s elite football teams to set up a league that will rival the UEFA Champions League.
“I can confirm that we’re financing the deal but have no further comment at the moment,” a spokesperson for the investment bank said.
The big six English clubs with three other clubs from Spain and Italy have agreed to join the ESL already.
The 15 founding members and permanent teams will make up the super league while five slots will be left for other teams to compete for to qualify for the competition each year.
The ESL has received wide criticisms from sport fans, football bodies, coaches, players and ex-players.
But UEFA and FIFA have threatened players with a ban from European competitions and the World Cup, if they join the ESL.
Prime Minister of the United Kingdom, Boris Johnson, also joined in expressing dismay on the planned league, describing it as “very damaging for football.”
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