DUBAI: Shares in European football clubs fell after plans for a European super league lay in tatters following a global fan backlash.
In what must rank among the most extraordinary 48 hours in the history of the modern game, 12 of the continent’s most powerful clubs attempted to create a brand new elite league before its would-be founding members began to break ranks one by one.
By early Wednesday all six Premier League teams linked to the project had withdrawn.
Gulf-based football fans rejoiced at the news on supporter club social media.
“We stand firmly behind all supporters groups calling for the ESL to be scrapped,” tweeted the Dubai Reds, the official Liverpool supporters club in the emirate.
John W Henry's message to Liverpool supporters. pic.twitter.com/pHW3RbOcKu
— Liverpool FC (@LFC) April 21, 2021
Shares in publicly traded Manchester United and Juventus fell on the news as the prospect of a multi-billion dollar pay day for the breakaway clubs was drowned out by a global outcry that appeared to unite fans, pundits and even some of the managers of the clubs involved.
US investment bank JP Morgan had planned to finance the new league, providing a €3.5 billion ($4.2 billion) grant for the founding clubs to help recover from the impact of the COVID-19 pandemic which has drained revenue from clubs worldwide, Reuters reported.
The collapse of the project has exposed the sometimes bitter rifts between the fans and owners of some of Europe’s biggest clubs. It also leaves a potential legal mess behind as withdrawing clubs risk being sued, the Telegraph reported on Tuesday.
Juventus chairman Andrea Agnelli said that the league could no longer go ahead after six English clubs withdrew.
The founding members of the league were English clubs Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham Hotspur, Italy’s Juventus, Inter and AC Milan, and Spain’s Real Madrid, Barcelona and Atletico.