UEFA’ in talks’ to boost Champions League budget
UEFA is in talks with an investment fund to boost the Champions League budget with a €6 billion financing package.
The plan has emerged after 12 elite European clubs announced the Super League on Sunday.
UEFA has warned clubs and players attending the tournament would be banned from any other competition.
On Tuesday, UEFA released a new statement to condemn the Super League, while Real Madrid president Florentino Perez reiterated the new competition will “save football.”
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UEFA has also announced a new Champions League format from 2024 and according to Bloomberg, the European football’s governing body is in talks to boost the budget for the competition.
“UEFA is in discussions with Centricus Asset Management over a €6 billion ($7.2 billion) financing package to overhaul its flagship soccer tournament and stop plans for a new breakaway Super League, according to people familiar with the matter,” the report claims.
A representative for Centricus declined to comment and there’s no certainty the two sides will reach an agreement, but if they do so that could help UEFA to stop the plans for the creation of the Super League.
Meantime, JP Morgan has confirmed it will finance the breakaway Super League.
The Super League founding clubs will receive an upfront net grant of approximately €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,” the Super League clubs announced on Sunday.