JP Morgan have pulled out their £3.5billion backing of the European Super League after plans for a breakaway competition fell through this week. The Premier League 'Big Six' were the first to withdraw from the Super League on Tuesday evening, just 48 hours after they formed half of the founding members of the new competition. In a statement, JP Morgan said: 'We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future. JP Morgan has pulled out of its £3.5billion backing of the proposed European Super LeagueProtests from fans saw the Premier League Big Six withdraw two days after it was foundedWHY DOES JP MORGAN'S SUSTAINABILITY DOWNGRADE MATTER? Sustainability ratings agency Standard Ethics downgraded JP Morgan's credibility rating from 'adequate' to 'non-compliant' earlier this week after integrity issues were raised about its role in the European Super League.

Source: The Nation April 23, 2021 11:03 UTC