JP Morgan to finance breakaway Super League

London - A spokesman for JP Morgan confirmed its involvement with the new league which has been set up as a rival to Uefa's Champions League

JP Morgan on Monday said that it was financing the new breakaway Super League, announced by 12 of Europe’s biggest soccer clubs on Sunday.

A spokesman for JP Morgan confirmed its involvement with the new league which has been set up as a rival to Uefa’s Champions League and includes clubs such as Real Madrid and Manchester United.

Meanwhile, shares in French soccer club Olympique Lyon slipped on Monday after 12 of Europe’s top clubs launched a breakaway Super League, marking what could be a bitter battle for control of the game and its lucrative revenue.

Olympique Lyon’s shares were down 0.4% in early session trading.

The breakaway Super League will feature six clubs from England’s Premier League — Manchester United, Manchester City, Liverpool, Arsenal, Chelsea and Tottenham Hotspur — along with Spain’s Real Madrid, Barcelona and Atletico Madrid and Italy’s Inter Milan, Juventus and AC Milan.

Former Liverpool midfielder Danny Murphy said plans for a breakaway Super League launched by 12 of Europe’s top clubs were ‘soulless’ and expected a backlash from managers and players.

The move, which sets up a rival to the Champions League competition, was condemned by football authorities and political leaders, with Uefa saying participating clubs would be banned from domestic leagues, such as the Premier League.

World soccer’s governing body Fifa has previously threatened to ban any players taking part in a breakaway from participating in World Cups and Murphy said the consequences for players could be severe.