The soccer world was put on notice on Monday. European soccer’s governing body UEFA (Union of European Football Associations) held what was described as a “crisis meeting,” just hours after 12 of the continent’s leading clubs broke away to form a new “Super League.”
The new league has some huge names attached to it, such as Real Madrid and Manchester United (MANU.N).
They will rival UEFA’s established Champions League competition.
The shocking news came after U.S. investment bank JP Morgan confirmed to Reuters that it was the money behind the new “Super League” and that they will provide an incredible 3.5 billion euro ($4.21 billion) grant to the founding clubs to spend on infrastructure and recovery from the impact of the COVID-19 pandemic.
Monday, the 12 clubs sent a letter to the UEFA saying that they would take ‘legal steps’ in courts to protect their interests as the league gets going.
The new league isn’t getting a lot of love from football fans, and even politicians across Europe say that the new league entrenches the wealth and power of the clubs in the new league.
“The formation of the Super League comes at a time when the global pandemic has accelerated the instability in the existing European football economic model,” the clubs said in their founding statement released Monday.