JP Morgan apologizes for funding Super League

JP Morgan says it regrets ever getting involved with the breakaway soccer Super League, which threw the sport into civil war this week.

The U.S. lender was set to fund the effort with a $4.2 billion grant.

That would have been shared by the 12 founding clubs, including Barcelona, Manchester United, and other top names.

But within 48 hours of being announced, the plan was in tatters.

Fan protests and even national governments helped force one club after another to pull out.

Critics said the Super League was a closed shop open only to a few elite sides.

On Friday JP Morgan said it "clearly misjudged how this deal would be viewed by the wider football community."

A representative promised the bank would learn from the experience.

Fans have taken to Twitter to call for a boycott of the company though.

JP Morgan also had its corporate sustainability rating downgraded by agency Standard Ethics.

Bank boss Jamie Dimon had only recently called on companies to do more to consider the needs of communities, not just shareholders.

Video Transcript

- JPMorgan says it regrets ever getting involved with the breakaway soccer Super League, which threw the sport into civil war this week. The US lender was set to fund the effort with a $4.2 billion grant. That would have been shared by the 12 founding clubs, including Barcelona, Manchester United, and other top names. But within 48 hours of being announced, the plan was in tatters.

Fan protests and even national governments helped force one club after another to pull out. Critics said the Super League was a closed shop, open only to a few elite sides. On Friday, JPMorgan said it clearly misjudged how this deal would be viewed by the wider football community. A representative promised the bank would learn from the experience.

Fans have taken to Twitter to call for a boycott of the company, though. JPMorgan also had its corporate sustainability rating downgraded by agency Standard Ethics. Bank boss Jamie Dimon had only recently called on companies to do more to consider the needs of communities, not just shareholders.