JP Morgan, an American investment bank, has said it will invest $6bn to finance the new Super League.
The league was announced on Sunday by the 12 biggest club on Sunday. The clubs are the founding members.
Reuters quoted JP Morgan’s spokesperson to have confirmed the development.
“I can confirm that we are financing the deal but have no further comment at the moment,” the spokesperson said.
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, and Tottenham have agreed to join a breakaway European Super League.
Clubs like AC Milan, Atletico Madrid, Barcelona, Inter Milan, Juventus and Real Madrid, have also agreed to join.
In a joint statement with FA, Premier League, La Liga, and Serie A, UEFA said there were consequences for such actions.
It warned that players campaigning for the break up would be banned from other competitions at domestic, European or world.
It said, “Twelve of Europe’s leading football clubs have today come together to announce they have agreed to establish a new mid-week competition, the Super League, governed by its Founding Clubs.
“AC Milan, Arsenal FC, Atlético de Madrid, Chelsea FC, FC Barcelona, FC Internazionale Milano, Juventus FC, Liverpool FC, Manchester City, Manchester United, Real Madrid CF and Tottenham Hotspur have all joined as Founding Clubs. It is anticipated that a further three clubs will join ahead of the inaugural season, which is intended to commence as soon as practicable.
“Going forward, the Founding Clubs look forward to holding discussions with UEFA and FIFA to work together in partnership to deliver the best outcomes for the new League and for football as a whole.”
The UK Prime Minister, Boris Johnson, also condemned the plan saying it was “very damaging for football”.