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A Super League Of Money

SME Magazine Singapore

Issue 16, 2021

The recent furor over the European Super League is all about money. Specifically, the football clubs involved want to make more of it – much more.

The reality is that football club owners are in it to make money. The clubs themselves are also in financial trouble – years of borrowing and leveraged takeovers have left them deep in the red. Such a situation has been exacerbated by COVID-19.

Manchester United, Arsenal, and Liverpool have American owners, who are used to sporting franchises generating huge sums of cash. The NBA and the NFL are examples of closed leagues that the Super League is seeking to emulate. The main advantage for the 15 founders is guaranteed entry – and the steady revenue that goes with it – each year. The way things are organised now, owners have trouble borrowing from banks or selling bonds because they’re at constant risk of relegation to a lower, less lucrative league.

Big finance is taking notice – JP Morgan is underwriting the Super League, involving €4 billion. Shares of publicly traded Juventus Football Club SpA and Manchester United plc jumped on this news. It’s no coincidence that Manchester United’s executive vice-chairman, Ed Woodward, was a JP Morgan banker before taking the top job at the club.

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