European Skilled Membership Rugby | Stade Français search to mark return in type

Stade Français Paris is returning to Europe’s elite rugby competition for the first time since 2015/16, but was a regular quarter-finalist in the tournament’s early years – as we learn in this season’s latest analysis of the Heineken Champions Cup teams.

European Cup record

Stade Français have reached the finals twice but have been narrowly beaten each time. In 2001 they lost 34:30 to the Leicester Tigers at Parc des Princes in Paris, and four years later they put Stade Toulousain in extra time before losing 18:12 at BT Murrayfield.

Last season

The TOP 14 club never got past the pool phase of the EPCR Challenge Cup after losing their opening game 44:20 at home to Benetton Rugby.

Rugby director

Gonzalo Quesada is in charge of Stade Français in his second term, having been on the hot seat there for the first time between 2013 and 2017, when he led the Paris Club to the TOP 14 title (2015) and the EPCR Challenge Cup (2017). The former Argentine aviator had one season as sporting director at Biarritz Olympique before returning home to take on Los Jaguares, which he led to an inaugural Super Rugby final in 2019. He then returned to Stade in June 2020.

Key characters

The Stade Français squad is a multi-talented mix of French, Argentine, Australian, New Zealand, Tongan, Fijian, Samoan, Canadian and Georgian internationals, the most famous of whom are probably the French curls Yoann Maestri and Paul Gabrillagues, Argentina flies half Nicolas Sanchez and Striker Marcus Kremer in the back row.

Pool accessories

Stade Français begins its Pool B program with a trip to Connacht Rugby on December 12th and a week later it’s a home game against the Bristol Bears. Round 3 is the second leg against the English club at Ashton Gate on January 15th and Stade closes its pool games with a game against Connacht at Stade Jean Bouin on January 23rd.

European Union-style bloc pitched for Latin America, Caribbean

Mexico City, Sept. 18 (Reuters) – Latin American and Caribbean nations should seek a bloc like the European Union, Mexico’s president and other leaders said at a summit on Saturday to host the Washington-based Organization of American States (OAS ).

Some of the region’s left-wing flag-bearers who attended the CELAC Assembly of the Community of Latin American and Caribbean States have viewed the OAS as too close to the United States for years, and were particularly angry about the exclusion of Cuba from its member states.

Saturday’s summit host, Mexican President Andres Manuel Lopez Obrador, said at the opening ceremony in front of more than a dozen presidents and prime ministers that such a reshaped diplomatic body would better strengthen the region’s inequality-stricken economy and deal with health and other crises could.

“In these times, CELAC can become the main tool to cement relations between our Latin American and Caribbean nations,” he said in a cave-like ballroom in Mexico’s ornate national palace, where leaders took turns and some sparks jumped between ideological opponents.

“We should build something similar on the American continent to the economic community that stood at the beginning of today’s European Union,” said the leftist Lopez Obrador. He emphasized the need to respect national sovereignty and to adhere to a non-interventionist and development-friendly policy.

The leaders gathered at the invitation of Lopez Obrador with the declared aim of weakening the OAS. The start of the summit drew attention to the region’s center-left leaders, including Peru’s new President Pedro Castillo, Cuban Miguel Diaz-Canel and Venezuela’s Nicolas Maduro.

Brazil’s right-wing President Jair Bolsonaro withdrew from CELAC last year and criticized it for uprising undemocratic countries. The Argentine Alberto Fernandez canceled at the last minute because of a sudden cabinet reshuffle in his country.

SPARKS FLY

Mexico’s President Andres Manuel Lopez Obrador speaks ahead of the traditional military parade on the occasion of the 200 February 16, 2021. REUTERS / Gustavo Graf

Continue reading

Some cracks appeared among the executives. Uruguay’s center-right President Luis Lacalle said his participation should not be interpreted as an embrace of some of the region’s more authoritarian regimes or a rejection of the OAS.

“We are concerned and are seriously looking at what is happening in Cuba, Nicaragua and Venezuela,” he said, ticking what he described as repressive actions, including imprisoning political opponents.

Cuba’s Diaz-Canel hit back by attacking neoliberal policies that he said had delayed social progress. He also criticized the leadership of Lacalle and referred to the great response to a recent petition by his domestic opposition.

The Uruguayan responded by criticizing the Cuban communist government, noting that it does not tolerate opposition or allow its people to choose their own leaders.

Bolivian President Luis Arce called for a global debt relief agreement for poor countries, while Honduran President Juan Orlando Hernandez called for a regional body to fight climate change.

A new CELAC Natural Disaster Response Fund has also been announced.

Venezuela’s late President Hugo Chavez helped found CELAC in 2011, and his contested successor Maduro arrived in the Mexican capital late Friday as a surprise addition. Continue reading .

In his remarks on Friday evening, Maduro suggested setting up a new CELAC headquarters in the Mexican capital. Mexico’s Foreign Minister Marcelo Ebrard politely accepted this proposal on Saturday when asked by reporters and described the idea as premature.

Reporting by David Alire Garcia and Noe Torres; Editing by Andrea Ricci and David Gregorio

Our standards: The Thomson Reuters Trust Principles.

e-Cash Broadcasts Integration with the Algorand Blockchain to Speed up the Circulation of European Stablecoins

Copenhagen, Denmark, September 13, 2021 / PRNewswire / – e-Money today announced the integration with Algorand to support a range of fully secured European stablecoins across the Algorand ecosystem, including eEUR, eCHF, eNOK, eSEK and eDKK. Stablecoins – digital currencies designed to maintain stable value by pegging them to a fiat currency or other exchange-traded commodity – have grown in popularity significantly due to the demand for stable-priced assets in the fast-growing crypto capital markets.

This integration will enable faster time to market for applications that are based on Algorand and want to offer native currency options to users everywhere Europe and promote the adoption of Algorand-based applications among European users as they are familiar with the currency. These Algorand-compliant European stablecoin offers are not only available directly via e-money, but will also be listed on several decentralized exchanges in the coming days, which further increases the supply in circulation.

European stablecoins are fully secured with e-money and secured with actual bank deposits and government bonds at commercial banks. What is unique is that e-money’s currency-backed stablecoins each use a dynamic link that tracks the underlying interest rate, meaning stablecoin holders can benefit from accrued interest on their assets, even if they are just sitting in a user’s wallet. In addition, e-Money’s services operate in full compliance with AML / CTF legislation, and the platform is transparent and audited quarterly by Ernst & Young.

“We are excited to bring e-money stablecoins into the Algorand protocol. We are already seeing a number of exciting projects being built on Algorand and expect this development to continue at an accelerated pace. E-money will establish itself as an ecosystem. ” partner on Algorand projects that interact with real economies, expanding our user base and strengthening our position as the leading issuer of trusted European stablecoins. “- Martin Dyring-Andersen, E-money founder and CEO.

“Interest in stablecoins is booming and it’s great to add e-money offerings to the fiat-backed assets already floating around on Algorand such as QCAD backed by Canadian fiat and BRZ backed by Brazilian real,” said David Markley, Director of Business Solutions at Algorand. “Integration with e-money will expand general access to the Algorand ecosystem and help accelerate European market growth for many of the innovative and useful protocols on the network, from DeFi solutions to NFT marketplaces and beyond.”

About e-money
The e-money protocol is designed to issue a number of interest-bearing, currency-covered stablecoins that reflect various world currencies. Each token is backed by a reserve of assets denominated in the underlying currency. E-money currently supports the euro (EUR), Swiss franc (CHF), Swedish krona (SEK), Norwegian kroner (NOK) and Danish kroner (DKK) with a variety of additional currencies to be released year-round. The project is dedicated to total transparency with quarterly reserve checks of serious.

Unlike most existing stablecoins, which aim to maintain a static 1: 1 association with their underlying assets, the value of e-money’s currency-backed tokens continually shifts according to the interest accrued on currency reserves. This means that the owners can take advantage of the interest accrued on their assets while they are safe in your wallet. The e-money blockchain supports large-scale instant payments and includes a DEX for easy conversion between currencies. e-Money has already integrated with Ethereum and is expected to be integrated with Binance Smart Chain, Cosmos Hub, Avalanche, Polygon and Elrond in 2021.

About Algorand, Inc.
Algorand builds the technology for the future of finance (FutureFi), the convergence of traditional and decentralized models into a uniform, integrative, smooth and secure system. Founded by a Turing Award-winning cryptographer Silvio Micali, Algorand has developed a blockchain infrastructure that provides the interoperability and capacity to handle the transaction volume required by Defi, financial institutions and governments for a smooth transition to FutureFi. As the technology of choice for more than 700 global companies, Algorand enables the easy creation of next generation financial products, protocols and value sharing. For more information, visit www.algorand.com.

Media contact:
E-money
Shalini wood, CMO e-money
[email protected]

Algorand, Inc.
[email protected]

SOURCE E-Money

Actual Madrid and Borussia Dortmund begin campaigns in model | European membership soccer

Karim Benzema picked up where he left off last season by scoring twice to shoot real Madrid to a 4: 1 away win Alaves in their opening game of the La Liga season.

Real had an uninspiring first half in Carlo Ancelotti’s first league game since he took office again, but Benzema calmed their nerves by shooting the ball into the net in the 48th minute after an Eden Hazard serve.

Eight minutes later, defender Nacho extended Real’s lead, slipped in and stabbed Luka Modric’s through ball into the net from close range. Benzema scored a bumpy second goal on lap 62, but Alavés drew one back shortly afterwards when striker Joselu pocketed a penalty after a foul by goalkeeper Thibaut Courtois.
Substitute Vinicius Jr. scored one last goal for the visitors in stoppage time when he headed a cross from debutant David Alaba.

The other three La Liga games of the evening all ended in a draw, with Osasuna and Spanish a goalless stalemate in Pamplona. Cadiz and newly promoted Mallorca were both to a 1-1 home draw from Levant and Real Betis respectively.

Borussia Dortmund Striker Erling Haaland scored two goals and set up another three goals when the hosts got past Eintracht Frankfurt 5-2 on Saturday to set a marker in their Bundesliga opener.

Erling Haaland scored two and made three. Photo: Lukas Schulze / Bundesliga / Bundesliga Collection / Getty Images

It was captain Marco Reus who put the team of the new coach Marco Rose on the control panel in the 23rd minute with a goal from Haaland.

An own goal by Felix Passlack four minutes later couldn’t stop them when Thorgan Hazard put them back in the lead in the 32nd after Reus combined with 21-year-old Haaland, who first scored a hat-trick in the DFB-Pokal round win last week for another counterattack.

The hosts, who face champions Bayern Munich in the German Supercup on Tuesday, finished their shot on goal in the first half when Haaland pounced on a mistake by Stefan Ilsanker to storm into the penalty area and in 34th place with two goals ahead to go.

Gio Reyna added a fourth goal with a tap-in on the hour, as Eintracht was completely at the mercy of the bursting Dortmund runs that kept coming back. Another Haaland run earned him his second goal of the evening after a VAR check.
His Norwegian compatriot Jens Petter Hauge scored too late Bundesliga Debut to improve the result for Frankfurt a little.

Newly advertised Bochum and Greuther Fuerth both made the start of life in the top division with 1-0 and 5-1 Wolfsburg and Stuttgart respectively. Hoffenheim got off to a successful start and impressed with 4-0 winners augsburg.

Bayer Leverkusen Draw 1-1 against Union Berlin when visiting striker Moussa Diaby destroyed Taiwo Awoniyi’s equalizer in the 12th minute, while Arminia Bielefeld became a goalless home draw from Freiburg.

In France, Lionel Messi watched from the stands Paris Saint-Germain did hard work to beat Strasbourg 4-2 in Ligue 1 to continue the successful start to the new season.

Messi, not quite fit yet, did not make it into the squad alongside Neymar and his new signings Gianluigi Donnarumma and Sergio Ramos but saw his new club take an early lead through Mauro Icardi at Parc des Princes.

Lionel Messi and Neymar in the stands. Photo: Xavier Laine / Getty Images

Kylian Mbappé doubled PSG’s lead in the 25th minute after his shot was deflected home before the French international’s cross was turned 3-0 for the hosts two minutes later by Julian Draxler.

Goals from Kevin Gameiro and Ludovic Ajorque in the second half brought the visitors back into play while PSG looked troubled in possession. Alexander Djiku’s dismissal for two bookable offenses left PSG out of the game nine minutes before the end, while substitute Pablo Sarabia guessed in the 86th.

Nice Coach Christophe Galtier celebrated a successful return to his former club Small amount as they pounded the champions 4-0 for their first win of the season.

Nice’s Danish striker Kasper Dolberg scored in both halves, including a first-minute goal from close range, while midfielder Hicham Boudaoui’s early shot and Amine Gouiri’s impressive first-half penalty rounded off the defeat.

Dolberg’s second goal came just after an hour as he nodded off after a corner to put pressure on new Lille coach Jocelyn Gourvennec, whose side drew 3-3 against 10-man Metz in the opening game.
It was a well-deserved win for Galtier, who came to Lille in 2017 after eight years in St Etienne and last season led them to their first league title since 2011 before leaving them shortly afterwards.

Celine Dion delays European leg of Braveness World Tour till 2023 | Leisure

Celine Dion had to postpone her “Courage World Tour” to 2023.

Hitmaker “I Drove All Night” dealt a blow to the fans when she announced that the European leg of her excursion this summer will not go as planned and will now be delayed by two years.

In a video message to fans, an optimistic Celine said: “I was really looking forward to seeing you all in Europe this summer.

“But unfortunately things keep getting pushed back because of the situation in our world. But please don’t despair, we will feel really good doing the shows in 2023 and I can’t wait to see you finally.

“Be sure, be healthy, here we come in 2023.”

The shows support hitmaker’s first English-language album “My Heart Will Go On” in six years, “Courage”.

Meanwhile, the 53-year-old superstar will receive an honorary doctorate in music from the School of Music at Berklee College.

The Canadian singer, along with Pharrell Williams, Donald Harrison and Chad Hugo, will receive an honorary doctorate from the renowned music school this weekend.

Celine said she was “honored and humbled” to be named as a recipient of the graduation.

She tweeted, “I am honored and humbled to have received an honorary doctorate from the esteemed @BerkleeCollege School of Music. I feel privileged to be in the same company as the incredibly talented artists who have received this award over the years. – Celine (sic) ”

The Berklee College of Music opening ceremony will air on May 8th, while a virtual ensemble will perform a tribute to this year’s award winners on May 7th.

The European Tremendous League plan collapsed. However it won’t be useless eternally

Manchester City’s Kevin De Bruyne celebrates after scoring his team’s fifth goal with teammates Phil Foden and Riyad Mahrez during the Premier League match between Manchester City and Southampton at the Etihad Stadium on March 10, 2021 in Manchester, England.

Clive Brunskill | Getty Images Sports | Getty Images

LONDON – While the football community was celebrating Failed start of the European Super League last week the motivating factors behind the suggestion haven’t gone away.

Now known as the “dirty dozen”, 12 powerful European football clubs attempted to form their own closed league, which failed just days later due to pressure from fans, authorities and governments.

These teams, particularly in Spain, are still in pandemic-related debt, while revenues were hit in many clubs around the world after virus restrictions forced games to be played behind closed doors – which evaporated matchday revenues.

What’s next?

Florentino Perez, the president of Real Madrid who was one of the clubs involved, has told the Spanish media that this or a very similar project will continue.

His counterpart in Barcelona, ​​Joan Laporta, has emphasized that the ESL clubs are open to dialogue with UEFA, the European governing body, to revitalize the project.

Simon Chadwick, director of Eurasian Sport at Emlyon Business School, believes suggestions that the Super League has fallen apart are naive and tells CNBC that Europe will have a “Super League with a different name” and adds that it ” a case of “is when, not when.” ”

Chadwick argues that the coming years will bring more polarization and industrial concentration, with the big clubs gaining more power and widening the gap between them and the smaller clubs.

American inspiration

This will be shown by how big clubs want to develop new sources of income, with over-the-top broadcasting playing a prominent role.

He compares the NFL’s most recent TV rights deal, valued at around $ 110 billion over 11 years, to the English Premier League’s current domestic broadcast deal, valued at £ 4.7 billion (£ 6.6 billion) Billion US dollars), which was completed in 2018 and is expected to expire this year.

While the NFL has grown in popularity outside the US in recent years, the English Premier League still dwarfs it worldwide, and the UEFA Champions League has an enthusiastic global audience too.

Tech companies have joined the bidding wars for the broadcasting rights of the Premier League in recent auctions, thereby removing the logistical obstacles to global distribution.

New owners

Due to the impact of the Super League proposals, some fans also called for new club owners.

Spotify CEO and Founder Daniel Ek has expressed an interest in acquiring Arsenal and has told CNBC that he has secured funding for a potential offer for the club in north London.

However, current owner Stan Kroenke, who also owns the NFL LA Rams franchise, has ruled out any sale and stressed that he would not make an offer.

Meanwhile, Jim O’Neill, chairman of UK think tank Chatham House and former chairman of Goldman Sachs Asset Management, and hedge fund manager Paul Marshall have urged Manchester United’s owners, the Glazer family, to cut their controlling stake to a a maximum of 49.9%, in order to give a broader group of investors the opportunity to participate in the running of the club.

Chadwick downplayed the prospect of current owners looking to sell, adding that “if this is such an unprofitable, difficult business that is not getting the returns the owners want,” then Manchester United owners, the Glazers, would have , moved out a long time ago.

Vivid Cash raises $73 million to construct a European monetary tremendous app – TechCrunch

German startup Living money has initiated a new Series B financing round of USD 73 million (EUR 60 million) led by Greenoaks, in which the existing investor Ribbit Capital also participates. As of today’s financing round, Vivid Money is valued at USD 436 million (EUR 360 million).

Vivid Money could be viewed as a Revolut competitor designed specifically for the Eurozone. Built on Solarisbank You can send, receive, spend, invest and save money in different ways for the banking infrastructure.

When you create an account, you will receive a German IBAN that begins with DE and a metal card. There are no card details on the card itself – everything is available in the app instead. As with other fintech startups, Vivid Money lets you control your card through the app – you can block and unblock it, add it to Google Pay and Apple Pay, etc.

After that, you can fund your account and hold dozens of different currencies. If you pay with your card abroad, a small surcharge will be added to the current exchange rate at the start. You should get a better exchange rate than a normal bank.

In addition to this fairly standard feature set, Vivid Money offers fractional stock trading. You can invest in stocks and ETFs and there is no commission. You can also buy, hold and share cryptocurrencies via the app. The startup has entered into a partnership with CM Equity AG for these functions.

The company also has one Cashback program and a premium subscription for € 9.90 per month. Paid users get higher limits on free cash withdrawals, the ability to create a virtual card, support for additional currencies, and better cashback rewards.

Finally, users can create sub-accounts called pockets. You can move money from one pocket to another and put other users in your pockets. Each bag has its own IBAN, which means that you can pay certain bills with a separate bag. You can also assign your card to a specific bag for upcoming purchases.

Vivid Money managed to add a ton of features in no time. It has a lot of money in its bank account now. Now let’s see if it can attract a significant user base to compete with other established European fintech players.

The brand new European Tremendous League places cash over truthful play

Breaking news shook the European football world on Sunday April 18 when the boards of 12 prestigious clubs – Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur, Atlético Madrid, Barcelona, ​​Real Madrid, AC Milan, Inter Milan and Juventus – announced they are forming a breakaway European Super League (ESL).

The new league, led by Real Madrid President Florentino Pérez, was intended to be an alternative to the Champions League (UCL) of the Union of European Football Associations (UEFA), which would generate almost three times as much money for the clubs as the UCL. The participating clubs should initially receive 3.5 billion euros, with the league winner earning around 400 million euros. This is between three and four times the current UCL winner’s prize pool.

The competition should include around 20 clubs. The 12 founding clubs (plus three other founding clubs) would compete without restriction each year, regardless of poor performance in their respective national leagues. Every year five more clubs are invited to take part in the competition, which are selected based on their national successes in the preseason.

Why is it a bad idea

The announcement immediately sparked outrage across Europe and the world. Fans, commentators, heads of government, national leagues, players and managers (including the 12 clubs) spoke out against the project. UEFA and FIFA threatened to ban ESL players from participating in the upcoming European and World Cup.

Criticism was particularly widespread in England, the homeland of football, which has highly competitive leagues within its rugged football pyramid. Both the royal family and the UK Prime Minister condemned the project. Fans of the six English Premier League participating teams as well as fans of other English clubs protested and marched through the streets of their cities and in front of their football clubs.

Their goal was to show their disdain for a Super League that is far from great.

The proposed system contradicts everything that football is supposed to stand for: meritocracy, mobility and humility. The emotions and passion created through qualification, promotion, regulation and the like cannot be bought, but the proposed ESL is a system that eliminates all of these. The qualification basis for 75% of the teams is simply money.

There is no hope for smaller clubs that want to become giants or play with giants. The proposed league eliminates the basics of accomplishments like winning the Premier League by non-favorites (like Leicester City in 2016) or the legitimate battle for a top 4 UCL spot (like West Ham United this year).

Furthermore, the announcement of a billion dollar project is truly insensitive in the midst of a global pandemic where most people are struggling financially. The timing was strategic, however, as the ESL wanted to drive the curve and announce the league ahead of UEFA’s changes to the UCL model.

The project was motivated by greed and a thirst for power. UCL and UEFA in the broader sense certainly have their own problems – big ones – but an elitist and exclusive Super League that does away with the fundamental football principle of merit does not eliminate problems. rather, it strengthens them.

What’s next?

As of April 21, all six English Premier League clubs as well as Atlético Madrid, AC Milan and Inter Milan have initiated proceedings to withdraw from the ESL. With only Real Madrid, Barcelona and Juventus left, the Super League was suspended less than 72 hours after its conception. The stop demonstrates the power of the football fans’ voices, as well as their commitment to a system that rewards effort and results, not just prosperity – one that inspires grassroots football around the world and promotes mobility across leagues and divisions.

Whether the 12 clubs listed above will be punished for their actions remains to be seen, but the ESL will certainly have to permanently disband even if the remaining three clubs refuse to withdraw. In the eyes of football fans around the world, this would be a win.

European Tremendous League getting ready to collapse after condemnation

LONDON, ENGLAND – APRIL 20: Fans hold banners against Chelsea signing up for the newly proposed European Super League ahead of the Premier League game between Chelsea and Brighton & Hove Albion at Stamford Bridge on April 20, 2021 in London, England .

Chloe Knott – Danehouse | Getty Images Sports | Getty Images

LONDON – Plans for a breakaway elite football league in Europe have already disintegrated after widespread criticism and even threats of government interference.

The European Super League announced on Sunday is intended to keep up with the UEFA Champions League format, which is currently Europe’s best annual club competition.

Twelve of the richest teams in Europe signed up to be founding members of the new league, and JPMorgan backed them with $ 6 billion in debt funding.

However, the move sparked outrage from lawmakers, governing bodies, former players, fans, managers and experts, and many were concerned about the impact it would have on the structure of national competitions.

Many see it as a cynical and highly controversial project as the permanent members of the league could not be relegated.

Chelsea were the first club to signal Tuesday night that it was a jump ship. Fans protested the plans in front of the stadium in west London ahead of a Premier League match. Manchester City quickly followed suit with official confirmation of their withdrawal, and a few hours later England’s other four clubs withdrew.

UEFA President Aleksander Ceferin condemned the project and called it a “spit in the face” of all football fans. Meanwhile, British Prime Minister Boris Johnson vowed to “thwart” it and likened it to a “cartel”.

The teams that initially agreed to play in the ESL included:

  • England: Manchester United, Manchester City, Liverpool, Tottenham, Chelsea and Arsenal.
  • Spain: Barcelona, ​​Real Madrid and Atletico Madrid.
  • Italy: Juventus, AC Milan and Inter Milan.

On Monday evening, the chairman of the European Super League, Florentino Perez, said the plans to shape the new elite breakaway competition were designed to “save” football.

He defended himself against widespread criticism by claiming that changes were necessary because young people were “no longer interested in the sport”.

– CNBC’s Sam Shead and Sam Meredith contributed to this article.

The European Tremendous League is all about large cash

The announcement of the European Super League on Sunday sparked a violent power struggle that could weigh on the economy of European football. In battle, the billionaire owners of the league’s 12 founding teams, some of the richest clubs in the world, and Wall Street’s largest bank face pretty much everyone else.

Aleksander Čeferin, president of the Union of European Football Associations (UEFA), told reporters on Monday that the breakaway clubs “are only driven by greed”.

“The Super League is all about money, money by the dozen, I don’t want to call it a dirty dozen – but UEFA is about developing football and funding what needs to be funded so that our football, our culture survives – and some people don’t understand, “said fereferin.

The founding clubs will be permanent members of the European Super League (ESL), a structure similar to Major League Baseball or the National Football League that promises staggering paydays from media rights and merchandising.

But it goes against the traditions of European football, with its roots in industrial working-class neighborhoods, where even the poorest clubs get promoted to the top leagues when they win and no amount of money can protect rich teams from relegation when they lose.

Six English clubs – Arsenal, Chelsea, Liverpool, Manchester City, Manchester United ((MANU) and Tottenham Hotspur – have announced that they will join the league alongside AC Milan, Inter Milan and the Liga Juventus ((JVTSF) from Italy and the Spanish clubs Atlético Madrid, Barcelona and Real Madrid. The ESL plans to add three more permanent clubs, while five more would qualify annually based on performance.Demonstration against the European Super League during a game between Leeds United and Liverpool.

The founding clubs have been accused of staging a massive cash heist that would harm smaller competitors and possibly doomed the elite Champions League contested by top clubs across Europe.

The biographies of the club owners confirm the notion that money was the driving force behind the decision to start the Super League.

American billionaire John Henry’s Fenway Sports Group, who owns the Boston Red Sox, heads Liverpool. Another American billionaire, Stan Kroenke, controls the sports franchises of Arsenal and the United States, including the LA Rams and the Denver Nuggets. Russian oligarch Roman Abramovich owns Chelsea and the Emirates royal Sheikh Mansour bin Zayed Al Nahyan owns Manchester City.

Chinese investors are behind Inter Milan, and Elliott Management, US billionaire Paul Singer, is pulling the strings at local rival AC Milan. The long-time owners of Juventus are the Agnelli family, who made their living from ventures like the car manufacturer Fiat.

The Glazer family, which also includes the Tampa Bay Buccaneers, run Manchester United. Protesting fans announced their feelings towards the American bosses on Monday and held a banner in front of the club’s stadium that read: “Made by the poor, stolen by the rich.”

In contrast, Bayern Munich and teams in Germany where commercial investors are prevented from controlling More than 49% of most large clubs are characterized by their absence from the ESL. As well as clubs in France where President Emmanuel Macron slammed the new league. Football fans against the European Super League outside Old Trafford in Manchester. If the league survives the initial backlash and legal threats, the founding clubs will be guaranteed many millions of dollars each year for selling the broadcast rights to their games. Media giants including Facebook ((FB) and Disney ((DIS) are likely to be bidders, although there are three potential competitors – Amazon ((AMZN), BT ((BTGOF) Sport and Sky that belongs Comcast ((CMCSA) – have already distanced themselves from the runaway league.

“We believe that part of the drama and beauty of European football comes from the ability of any club to achieve success through the performance of the field,” Amazon Prime Video said in a statement.

The reaction from media companies is not surprising given the huge political outcry the announcement has sparked. British Prime Minister Boris Johnson said his administration was “examining all possibilities, including legislative options” to prevent this from happening. Prince William, the Duke of Cambridge said he shared “fan concerns about the proposed Super League and the damage it could do to the game we love”.

Even so, the league has a strong supporter: JPMorgan Chase ((JPM), which CNN Business confirmed on Monday that it is providing funding. Football fan groups condemn the Tottenham Hotspur said in a press release that the charter clubs will receive € 3.5 billion ($ 4.2 billion) to support their infrastructure investment plans and offset the effects of the coronavirus pandemic. The clubs each receive a “welcome bonus” worth up to EUR 300 million each Financial Times Football fans on Twitter criticized JPMorgan for its involvement. One User sarcastically attached a screenshot of Jamie Dimon’s recent letter to shareholders in which the CEO states that “Corporations must earn the trust of their customers and communities by acting ethically and morally.”

Despite the controversy, investors are seeing dollar signs. Manchester United shares rose 6.7% on Monday in New York, while Juventus shares rose nearly 18% on Monday in Milan before giving back some of their profits on Tuesday.

FIFA President Gianni Infantino said on Tuesday that clubs should think very carefully about their next steps.

“You have to think and take responsibility,” he said. “You don’t just have to think of your shareholders, which is of course important, but also of … all the fans, all those who have helped create what European football is today.”