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Major soccer club shares jump after teams unveil new European Super League that counts JPMorgan as a backer

Italy coronavirus
Juventus and Inter Milan play in an empty stadium in Turin, Italy, on March 8, 2020.
  • The shares of the biggest European soccer clubs rose after they announced a new Super League partly backed by JPMorgan.
  • An investment of around $4.8 billion is expected from the bank, which did not confirm exact numbers.
  • The breakaway soccer league has met with controversy amongst football fans and institutions.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

The shares of major European soccer clubs jumped on Monday after twelve elite teams unveiled plans to form a new European Super League that will be backed in part by JPMorgan, according to a report on Monday from Bloomberg that cited a person familiar with the matter.

Juventus shares closed up almost 18% on the Borsa Italiana on Monday and England's Manchester United was last trading almost 10% higher on the day on the New York Stock Exchange.

The two, together with 10 of their top-flight rivals, namely AC Milan, Arsenal, Atletico Madrid, Chelsea, Barcelona, Inter Milan, Liverpool, Manchester City, Real Madrid and Tottenham Hotspur, announced the creation of a European Super League on Sunday.

Three additional clubs are set to join the league, which will hold midweek matches. It will be chaired by board members of the founding clubs, who on Monday stepped down from positions in traditional football associations.

The bank will reportedly support the set-up with financing worth $4.8 billion. JPMorgan's press office did not respond to Insider's request for comment.

Fans, other soccer teams, established football institutions and even politicians have spoken out against the formation of the new league. UEFA and FIFA have said that players who take part in the Super League may be excluded from tournaments associated with traditional football institutions and national teams.

Critics say that the move to form a new league undermines the spirit of the game and is largely down to making financial gain from signing up to the new league, playing throughout it and selling the TV rights to those games.

"A club like Man Utd playing in the Champions League, they make between £40-80 million [roughly $55.8 million - $111.7 million] on a good year if they win it," Kaveh Solhekol, Sky Sports News reporter said. "If they play in this new competition, they get a cheque for £250-300 million [roughly $349.1 million - $419.1 million] to begin with, then in the future they will get three times as much money a season as they get from the Champions League," he continued.

The European Super League have confirmed that the founding clubs will receive an initial $3.5 billion payment to set up the league.

JPMorgan's share price was last up around 0.6% on the day.

Read the original article on Business Insider

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