Investment bank J P Morgan has admitted it “clearly misjudged” the backlash from football fans over the proposed new European Super League.
The financial giant had committed just over £3bn of financing to the ill-fated scheme, although no money has yet changed hands.
But on Friday, a statement from JP Morgan said: “We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future.
“We will learn from this.”
The controversial new league had planned to include Liverpool, Manchester United, Manchester City, Chelsea, Arsenal and Tottenham, together with the Spanish sides Atletico Madrid, Real Madrid and Barcelona, and Italian clubs AC Milan, Juventus and Inter Milan.
JP Morgan was due to provide debt financing for the competition. It is understood it was also to underwrite around £4.3bn in loans for the teams involved.
©Sky News