Wall Street behemoth JPMorgan has apologised for its $4 billion role in the doomed European Super League
- Wall Street banking giant JPMorgan has apologized for its role in the doomed European Super League.
- The investment bank was behind around $4 billion of funding for the breakaway soccer tournament.
- "We will learn from this," the bank said in a statement released Friday.
- For more articles, go to www.BusinessInsider.co.za.
Wall Street banking giant JPMorgan has apologized for its role in the ill-fated and short-lived European Super League soccer tournament.
The investment bank was the main financial backer of the breakaway tournament, and was set to provide the clubs involved with a combined $4.2 billion to help get the plans off the ground.
"We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future," it said in a statement Friday.
"We will learn from this."
On Sunday, 12 of Europe's biggest soccer teams - AC Milan, Arsenal, Atletico Madrid, Barcelona, Chelsea, Inter Milan, Juventus, Liverpool, Manchester City, Manchester United, Real Madrid, and Tottenham - announced they had agreed to join the breakaway competition dubbed The Super League.
However, by Wednesday, the proposal had fallen flat on its head amid mass opposition from fans, players, and politicians, with nine of the 12 teams involved withdrawing.
Liverpool players were among the most vocal in opposing the plans, with many posting a joint statement to their social media accounts which read: "We don't like it and we don't want it to happen."
After the Merseyside team withdrew from the competition, the club's owner, John W. Henry, issued a grovelling video apology in which he accepted full responsibility for the upset caused.
"I want to apologise to all the fans and supporters of Liverpool Football Club for the disruption I caused over the past 48 hours," Henry, whose Fenway Sports Group took over Liverpool in 2010, said.
"It goes without saying but should be said that the project put forward was never going to stand without the support of the fans. No-one ever thought differently in England. Over these 48 hours you were very clear that it would not stand.
"We heard you. I heard you."
Only FC Barcelona, Real Madrid, and Juventus are yet to pull out of the proposed plans.
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