JP Morgan sustainability rating downgraded after funding Super League
Sustainability ratings company Standard Ethics has downgraded JP Morgan’s rating after it was revealed to have funded the failed and controversial European Super League.
Standard Ethics said it judged JP Morgan’s involvement in the project to be “contrary to sustainability best practices”, and as a result downgraded its corporate rating from “adequate” to “non-compliant”.
The European Super League, announced on Sunday, sparked anger among fans, rival clubs, other leagues and even politicians, who accused club owners of putting the game at risk in pursuit of profit.
The English clubs involved have since been forced into an embarrassing u-turn over the project, while Manchester United’s executive vice-chairman Ed Woodward said he would step down at the end of the year.
JP Morgan committed €3.25bn (£2.8bn) to the ESL plan, mainly for a payment of between €200m and €300m to each team, according to The Guardian.
In today’s statement Standard Ethics said: “The main stakeholders of the European football system, also represented by the associations that bring together European clubs of different sizes, have expressed firm opposition to the project because they believe it could lead to serious negative effects.
“Standard Ethics judges both the orientations shown by the football clubs involved in the project and those of the US Bank to be contrary to sustainability best practices, which are defined by the agency according to UN, OECD and European Union guidelines, and take into account the interests of the stakeholders.”
JP Morgan Chase has been contacted for comment.