Sports News | Super League Investor JP Morgan Admits It 'misjudged' Reaction from Fans

London, Apr 23 (AP) The Super League's financial backer JP Morgan has said it "misjudged" how fans would react to the breakaway competition.

The American investment bank said on Monday it had committed 3.25 billion euros (just over 2.8bn pound) as start-up capital for the league, which posed a direct challenge to UEFA's Champions League and also threatened to devalue Europe's top domestic leagues.

Twelve clubs announced they had signed up to compete last Sunday night but by Wednesday afternoon nine had withdrawn amid fan protests and outrage from UEFA, FIFA, leagues, clubs, players and even politicians, making it a non-starter.

JP Morgan released a short statement on Friday morning which read: "We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future. We will learn from this." (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)