European Super League: Founding clubs have already lost £8 million each and risk financial penalties – report

The 12 founding clubs involved in the ill-fated Super League project have already lost at least £8 million each, according to reports. 

The Premier League’s so-called ‘Bix Six’ were joined by Italy’s AC Milan, Inter Milan and Juventus and Spain’s Real Madrid, Barcelona and Atletico Madrid in announcing the breakaway competition on Sunday. 

But the project faced a fierce backlash from the football world and fell apart within 48 hours, with the six English clubs withdrawing on Tuesday and others following a day later.

With the calamitous effort to set up a new competition already doomed, the Mail Online reports that each of the 12 clubs bought equity stakes of around £8m in the Super League. 

That could just be the start of their financial problems, as the English clubs involved – Manchester United, Liverpool, Chelsea, Arsenal, Tottenham and Manchester City – could face financial penalties for pulling out.

Each club signed a Super League contract last week that committed them to the competition for at least three years.

And lawyers believe the paperwork will likely threaten large penalties for abandoning the plan so soon. 

With most of the clubs involved already facing financial worries as a result of the coronavirus pandemic, the project’s humiliating collapse could have serious consequences.

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