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Breakaway Soccer League Sparks European War Over Richest Sport (2)

April 20, 2021, 3:20 PM

European soccer is embroiled in an escalating multi-billion-euro battle for control of the continent’s most prestigious club competition after a dozen teams declared themselves founding members of a breakaway league.

The announcement of the 4 billion-euro ($4.8 billion) defection financed by JPMorgan Chase & Co. prompted an outcry from fans, governments and UEFA, European soccer’s governing body. In response, UEFA is now exploring a 6 billion-euro financing proposal from U.K.-based asset manager Centricus to fund a revamped Champions League, people familiar with the matter said.

The confrontation reflects the evolution of the world’s most popular game as a global business, yet also the financial realities during the pandemic. Led by clubs from England,...

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