The owners of the Premier League Big Six clubs have lost out on £8m each after the European Super League collapsed – and now they will all face huge fines.
The controversial breakaway competition was announced late on Sunday, with 12 European big sides signing up – before it eventually collapsed by Wednesday morning.
Arsenal, Chelsea, Liverpool, Man City, Man United and Tottenham joined Atletico Madrid, Barcelona, Real Madrid, AC Milan, Inter Milan and Juventus in the tournament.
Each club purchased around £8m in equity stakes in the Super League – which was set to be used to help negotiate broadcasting deals, commercial contracts and also to cover legal fees.
Reports claim the contracts signed by the clubs would have been strongly geared towards them sticking with the project irrespective of what may happen.
That means the 12 teams – including the Premier League Big Six – are unlikely to be able to reclaim the £8m up-front payment and are also set to face huge fines.
It’s believed the clubs in England will be hit in the pocket rather than be punished through points deductions or exclusion. And, Man Utd were just one club to see their share price plummet during the controversy.
The Premier League teams could also be forced to pay compensation for breaching their 23-year ESL contract which states that they cannot leave within the first three years. And they lasted less than three days.
So, the very project owners hoped would make them richer has instead backfired and could cost them millions of pounds apiece. The clubs were subjected to backlash from supporters after Sunday’s shock announcement.
Chelsea pulled out, quickly following by Man City and then the remaining four Premier League clubs also did same.
Atletico Madrid and Inter Milan have also withdrawn officially, with AC Milan and Barcelona also believed to be set to follow suit, leaving only Real Madrid and Juventus left.