NEW YORK: JP Morgan, the still-born European Super League's principal financial backer, has said it "misjudged" how fans would react to the breakaway competition.
The American investment bank said it had committed €3.25 billion ($3.92bn) 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.
For the record, the $5.5 billion (€4 billion) financing, while backed by bank JP Morgan, was delivered by Spanish advisory firm Key Capital Partners.