Italian giants Juventus said Sunday that it could not guarantee that the breakaway Super League project would take off as it confirmed it was among the 12 European clubs involved.
Three Italian teams Juventus, Inter Milan and AC Milan released statements confirming they are among the founding teams.
“The clubs have agreed to join the Super League on a long-term basis. Additional top European clubs are expected to join the Super League project, reaching a core group of up to 15 permanent founding members that will be complemented each year by more clubs on the basis of an admission process, resulting in 20 clubs in the aggregate.
“The founding clubs will continue playing in all the respective domestic competitions and, until the actual launch of the Super League, Juventus is willing to participate in the European competitions to which it is eligible.
“The founding clubs wish to implement the Super League project in agreement with FIFA and UEFA, taking into account the interests of the other stakeholders participating in the football ecosystem. Meanwhile, in order to ensure the success of the project and promptly implement it, the Super League company may also seek judicial protection of its rights.
“The Super League will indeed be organized and managed by a Super League company which will be owned by the founding clubs on an equal basis. Therefore, the agreement requires each founding club to commit to an initial equity investment of Euro 2 million and, if needed, up to further Euro 8 million.
“The agreement provides that, in connection with the actual launch of the Super League and subject to the sale of the media rights related to the competition, the founding clubs will receive an upfront net grant of approximately Euro 3.5 billion in the aggregate; such grant, that will be shared among the founding clubs according to percentages to be defined on the basis of the final number of founding clubs, is expected to be ultimately funded under appropriate financing arrangements underwritten by primary international lenders.
“Juventus expects the Super League to create long-term value for the Company and for the football industry as a whole. While the founding clubs will use their best efforts to implement the project within the shortest possible time frame, at the moment the Company cannot assure that the project will be eventually successfully launched or predict the exact timing of the project.
“Accordingly, the Company does not have all the necessary elements to assess in detail the impact of the Super League on its financial and economic conditions and performance.”
Organisers of the breakaway league said Sunday the tournament will start as “soon as practicable”.
Manchester United, Liverpool, Arsenal, Chelsea, Manchester City, Tottenham, Barcelona, Real Madrid and Atletico Madrid have also signed up.
Additional reporting from AFP
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