Loser-League – Dimon Defeated In Plan To Break Up ‘The Beautiful Game’

Loser-League – Dimon Defeated In Plan To Break Up ‘The Beautiful Game’

From the grassrootiest of supporters to some of the game’s greatest players, there was much rejoicing overnight as all six English teams abandoned the newly-formed European (Soccer) Super League, implicitly killing the project before it got off the ground.

While owners’ greed, ego, and efforts to ‘Americanize’ the world’s most popular sport were blamed, there is another that has faced serious condemnation… Jamie Dimon and his firm JPMorgan.

Bloomberg summed things up perfectly by writing:

Funding a revolution is always a risky business, and one of the world’s largest banks is now exposed to a very public defeat in the emotional arena of soccer.”

As a reminder, JPMorgan agreed to back Europe’s breakaway league to the tune of 4 billion euros ($4.8 billion), which have filled Dimon and his investment-banker pals’ pockets with millions in fees… but now that the coup is over, they will get nothing.

Farage’s tweet offers key insight that while the bank may not suffer economically, it’s a reputational hit that exposes a huge underestimation of the potential backlash from upending a sport with deep traditions and local roots.

“It didn’t seem co-ordinated and almost didn’t seem thought through,” said Steve Greenfield, a professor of sports law at the University of Westminster.

“It was business-based and lost sight of the sporting connotations.”

“The Beautiful Game” remains in the hands of the many (for now).

As Rabo’s Michael Every noted earlier, victory for the people’s game! Victory for localism over globalism! Well, yes,…except it’s far from certain the British government will now act as promised to deliver real power back into fans’ hands via partial ownership of the clubs they worship to stop this happening again. Moreover, the pre-existing football structure we revert to includes an expanded gilt-edged Champions League format, and a game that is still more about money than it is about anything else.

Tyler Durden
Wed, 04/21/2021 – 11:50

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