How JPMorgan Chase got European football so wrong

[SaintLouisBlues]

https://edition.cnn.com/2021/04/21/investing/jpmorgan-european-super-league/index.html

London (CNN Business)When JPMorgan Chase agreed to finance a breakaway competition of some of the world's richest soccer clubs, it expected some heated discussions.But America's biggest bank didn't foresee this: Following massive blowback from fans, the sport's governing bodies, UK Prime Minister Boris Johnson, French President Emmanuel Macron and even the British royal family, efforts to form the European Super League have crumbled in a matter of days.

The 12 teams that tried to form the doomed league have been accused of seeking to orchestrate a massive cash grab by walling themselves off from competition, a goal that runs counter to the traditions of European football.

JPMorgan (JPM), which provided a €3.5 billion ($4.2 billion) loan to get the project started, is now being painted as a willing accomplice to billionaire club owners out to line their own pockets while undermining one of Europe's prized cultural assets with its roots in working-class communities.

The bank has faced criticism and mockery on social media for its role in the deal. One Twitter user sarcastically included a screen shot of Jamie Dimon's recent letter to shareholders, in which the CEO states that "businesses must earn the trust of their customers and communities by acting ethically and morally." Others joked about the demise of the "JPMorgan Cup" and slammed America's efforts to "invade" the European sport.