The Big Six clubs have reportedly lost millions between them in their collapsed bid to form a breakaway competition – European Super League, according Sportsmail.
The 12 Founding Clubs had purchased equity stakes of around £8million each in the Super League on Sunday, which its creators ultimately hoped would dominate club football.
However, the proposed project failed to materialize after the so called ‘Big Six’ in the English Premier League withdrew following huge backlash from fans.
While the withdrawal have been celebrated by fans, it emerged yesterday that the English clubs could also face financial penalties for pulling out as the ESL contract signed last week contained clauses committing them for at least three years.
In view of the holes that have been created in the purses of these clubs, lawyers insist the contracts had been structured to encourage clubs to stick with the controversial idea even in the face of expected protest by imposing huge fines.
But in the end the derision was so extreme that the English clubs – Manchester United, Manchester City, Liverpool, Chelsea, Tottenham Hotspur, and Arsenal – were forced to withdraw last night, apologising profusely to fans as they left the stage.
The equity stakes purchased by the 12 rebel clubs were being used to create the new competition’s infrastructure and fund crucial roles such as negotiating with potential broadcasters, commercial partners and pay legal fees.
It is unclear how much of the money has been spent, and if any of it will be returned now the ESL has collapsed less than three days after its launch.
Juventus chairman Andrea Agnelli speaking in the aftermath of the club’s decision to withdraw, said the competition could no longer proceed without the six Premier League clubs.
