JP Morgan Chase & Co has said it is financing the new breakaway Super League that was announced by 12 of Europe's biggest football clubs on Sunday.
The Wall Street giant has committed €3.25 billion ($3.9bn) to getting the new league off the ground
Each of the clubs from England, Italy and Spain will receive a "welcome bonus" of up to €300 million.
"I can confirm that we are financing the deal, but have no further comment at the moment," a spokesman said in a statement to AFP on Monday.
Six Premier League teams – Liverpool, Manchester United, Arsenal, Chelsea, Manchester City and Tottenham Hotspur – are involved, alongside Real Madrid, Barcelona, Atletico Madrid, Juventus, Inter Milan and AC Milan.
According to one source, at least two French clubs are also set to join the new league, without revealing the clubs' identities.
The clubs, most of them saddled with debt and large wage bills, and hit hard by the pandemic, stand to benefit financially, with predictions that they will share billions of euros.
Accusations of greed and cynicism
The clubs were immediately accused of greed and cynicism and threatened with international exile by their own leagues as well as Uefa.
Organisers said in a statement that three more founding members would be announced, with a further five places up for grabs through a qualifying system each year and the inaugural edition to start as "soon as practicable".
The Super League announcement appeared to be timed to pre-empt Uefa's own scheduled unveiling of reforms to the Champions League on Monday, with an expansion to 36 teams from 32 and two 'wildcard' slots expected to be among the plans. There would be a minimum of 10 games for each team.
Uefa released a joint statement with the English Football Association, the Premier League, the Royal Spanish Football Federation (RFEF), La Liga, the Italian Football Federation (FIGC) and Lega Serie A describing the breakaway as "cynical".
The European Commission vice-president for promoting the European way of life said "a values-driven European model of sport based on diversity and inclusion" must be defended.
EU commissioner Margaritis Schinas added on Twitter:
"There is no scope for reserving it for the few rich and powerful clubs who want to sever links with everything associations stand for: national leagues, promotion and relegation and support to grassroots amateur football.
"Universality, inclusion and diversity are key elements of European sport and of our European way of life."
It remains to be seen what action, if any, the EU could take to prevent the breakaway nor that it would break any EU laws.
Fifa expressed its "disapproval to a 'closed European breakaway league' outside of the international football structures".
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Chelsea book FA Cup final place
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But noticeably there was no mention of a previous threat from Fifa to ban any players taking part in a breakaway from participating in World Cups.
The initial reaction from football authorities, fans and pundits was furious, with threats to ban participating clubs from domestic, European and world competitions.
"Our members and football supporters across the world have experienced the ultimate betrayal," the Chelsea Supporters' Trust said.
"This is unforgivable. Enough is enough," it added.
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Global state-owned investor ranking by size
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Bharat
Director: Ali Abbas Zafar
Starring: Salman Khan, Katrina Kaif, Sunil Grover
Rating: 2.5 out of 5 stars
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
You may remember …
Robbie Keane (Atletico de Kolkata) The Irish striker is, along with his former Spurs teammate Dimitar Berbatov, the headline figure in this season’s ISL, having joined defending champions ATK. His grand entrance after arrival from Major League Soccer in the US will be delayed by three games, though, due to a knee injury.
Dimitar Berbatov (Kerala Blasters) Word has it that Rene Meulensteen, the Kerala manager, plans to deploy his Bulgarian star in central midfield. The idea of Berbatov as an all-action, box-to-box midfielder, might jar with Spurs and Manchester United supporters, who more likely recall an always-languid, often-lazy striker.
Wes Brown (Kerala Blasters) Revived his playing career last season to help out at Blackburn Rovers, where he was also a coach. Since then, the 23-cap England centre back, who is now 38, has been reunited with the former Manchester United assistant coach Meulensteen, after signing for Kerala.
Andre Bikey (Jamshedpur) The Cameroonian defender is onto the 17th club of a career has taken him to Spain, Portugal, Russia, the UK, Greece, and now India. He is still only 32, so there is plenty of time to add to that tally, too. Scored goals against Liverpool and Chelsea during his time with Reading in England.
Emiliano Alfaro (Pune City) The Uruguayan striker has played for Liverpool – the Montevideo one, rather than the better-known side in England – and Lazio in Italy. He was prolific for a season at Al Wasl in the Arabian Gulf League in 2012/13. He returned for one season with Fujairah, whom he left to join Pune.
