04:54 GMT06 May 2021
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    Fans were shocked as twelve of Europe's top soccer clubs announced a decision to form a new competition, shaking the current league system to the core.

    JPMorgan Chase stated on Monday that it will be financing the newly announced Super League, which will include 12 clubs from England, Spain, and Italy. 

    The breakaway league was previously slammed by FIFA, who said that the formation of the Super League goes against the principles of solidarity, inclusivity, and integrity. The European Commission also criticised the decision by the clubs, calling to defend the existing model of European football.

    The Union of European Football Associations (UEFA) also stated that the plan to create the new league was a "cynical project" and that the English (FA), Spanish (RFEF), and Italian (FIGC) associations were all against it.

    For now, the league is expected to include Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur, AC Milan, Inter Milan, Juventus, Atlético Madrid, Barcelona, and Real Madrid. Three more clubs are to join the group, forming a list of 15 permanent members, while the competition will ultimately consist of 20 clubs.

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    football, Football, Football, football, JP Morgan Chase & Co, JP Morgan Chase, JP Morgan, JPMorgan Chase, Europe
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