The “cleaver” contrary to Superlega it also affects those who would like to finance it. Standard Ethics, London-based independent sustainability rating agency downgraded JPMorgan Chase’s corporate rating to “E +” from the previous “EE-”. The US bank, which is part of the Se Us Index and would put on the plate a loan for the clubs participating in the European competition of 3.5 billion, is one of the oldest and most important financial institutions globally.
The American bank
JPMorgan Chase financially supports the “Super League” project consisting of some of the major European football teams (which are gradually disappearing), some of which are controlled by non-European shareholders
The main stakeholders of the European football system, also represented by the associations that bring together European clubs of different sizes, have expressed their firm opposition to the project as they believe it can have serious negative effects. The same opposition has been expressed by some of the major national policy makers as in the case of the British Prime Minister Boris Johnson and of the French President Emmanuel Macron.
In the case of the Italian Prime Minister Mario Draghiin particular, the negative opinion on the project was explicitly motivated by sustainability issues such as “meritocratic values and the social function of sport”.
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What Standard Ethics does
Standard Ethics, which qualifies as a “self-regulated sustainability rating agency” for having voluntarily adopted – in the absence of rules on Rating Esg – the model and the constraints of the credit rating agencies, judges both the guidelines shown by the football clubs involved in the project, and those of the US bank, in contrast with the best sustainability practices, which are defined by the agency according to UN, OECD and European Union documents, taking into account the interests of stakeholders.