From JP Morgan to Amazon... Will the 'European Super League' Ultimately Fail?

Major UK Clubs Including Man Utd and Chelsea Withdraw
Campaign to Close JP Morgan Accounts Supporting League Formation Spreads

British football fans protesting against the establishment of the 'European Super League'
[Image source=Yonhap News]

[Asia Economy Reporter Kim Suhwan] Just two days after major European football clubs agreed to establish a separate league, all clubs belonging to the English Premier League (EPL) have decided to withdraw, putting the league at risk of collapse. The backlash from the football community opposing the league's creation has extended to JP Morgan and Amazon, who directly or indirectly supported the league, and the controversy shows no signs of subsiding.

According to BBC on the 20th (local time), Manchester City, Arsenal, Liverpool, Manchester United, Tottenham, and Chelsea, founding members of the European Super League (ESL), have decided or are considering withdrawing from the ESL. The New York Times (NYT) reported, "With all British clubs withdrawing from the ESL founding members, the ESL is on the verge of collapse."

Earlier on the 18th, these EPL clubs along with FC Barcelona, Real Madrid, and other major European clubs announced plans to establish their own football league, the ESL. Florentino Perez, president of Real Madrid and the inaugural chairman of the ESL, explained the reason for creating the league as "the economic damage to European football caused by the COVID-19 pandemic has been significant," and he believed a new league was necessary to compensate for this.

However, immediately after the ESL announcement, fans of each club, football-related organizations, and politicians criticized the ESL as "greedy" and "disgusting," spreading the controversy further. The Union of European Football Associations (UEFA) pressured players participating in the ESL by threatening to bar them from national team duties, and the F?d?ration Internationale de Football Association (FIFA) declared it would never approve the ESL.

[Image source=Reuters Yonhap News]

In addition, JP Morgan, the financial company that agreed to invest $4 billion (approximately 4 trillion won) to establish the ESL, is also facing backlash. Among fans, there are concerns about American capital interfering in European football, fearing JP Morgan will exploit European football as a money-making tool through the ESL. Business Insider reported, "Football fans are organizing campaigns on social media to close JP Morgan accounts." On this day, JP Morgan's stock price fell by about 2.3%.

Furthermore, Amazon and ESPN, which were reported to broadcast the ESL, are also facing criticism. Amazon responded on its official Twitter account, stating, "We have never had any discussions regarding ESL broadcasting rights."