JPMorgan has confirmed reports that it is backing a proposed $5bn European super league that was announced late on 18 April, sending shares in Manchester United and Juventus soaring.
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham Hotspur from England have signed up to the league alongside AC Milan, Atletico Madrid, Inter Milan, Barcelona, Juventus and Real Madrid.
Manchester United’s shares rose nearly 9% in early trading in New York to hit $17.72 at 2.30pm GMT.
Shares in publicly listed Italian club Juventus also jumped by more than 14% to €0.88.
A spokesperson confirmed the bank was backing the controversial league but declined to comment further.
The 12 clubs will share €3.5bn between them for signing up to the new league “to support their infrastructure investment plans and to offset the impact of the Covid pandemic,” the clubs said in a joint statement.
The proposed breakaway has been roundly condemned with political leaders such as UK Prime Minister Boris Johnson and French President Emmanuel Macron opposing the plans.
“I don’t think that it’s good news for fans, I don’t think it’s good news for football in this country,” Johnson said according to a Sky News report.
The Prime Minister said he would work to ensure it “doesn’t go ahead in the way that it’s currently being proposed”, calling the plans “very damaging for football”.
Macron said in a statement on 18 April that he would support “all the steps” taken by football’s governing bodies to oppose the breakaway league.
This article was updated at 14:34pm to reflect the share price for Manchester United and the latest share price for Juventus.
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