JP Morgan admit Super League funding was a mistake

JP Morgan have admitted they 'misjudged' the reception the proposed Super League would receive, and appear to have withdrawn their funding from the project.

The investment banking giants had initially agreed to back Florentino Perez's short-lived brainchild to the tune of £3bn, ensuring it was a financially attractive prospect to the clubs involved.

12 top European clubs, including English football's 'big six', announced they had signed up on Sunday evening. But after a series of fervent protests from players, fans, dogs, cats, goldfish and most other sentient beings, it was dead in the water by Tuesday evening.

As things stand only Barcelona and Real Madrid are yet to back down, with the two La Liga clubs adamant that the Super League is essential for the future of football.

But their hopes of it still somehow going ahead have taken a further blow as JP Morgan have admitted their involvement was a mistake

A statement from the company reads: "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."

The problems with the new competition were vast and far-reaching, but fans took particular issue with its elitist, closed-shop nature. Fair competition to qualify for European competitions is a huge part of the Premier League's appeal, so to have that taken away in order to line the pockets of executives at the top of the biggest clubs in the world was taken as a smack in the face.

Most of the English clubs who were set to be involved have since apologised, but to many fans, the damage is sadly done. Liverpool fans in particular have lost trust in the FSG group, feeling the American owners have shown a dire misunderstanding of the club's values.

At Manchester United, Ed Woodward quit his role as chief executive in protest of the Super League, while Arsenal fans have rallied together to hound out Stan Kroenke after his role in the project.