A sustainability rating agency has downgraded JP Morgan Chase after the US bank was revealed to be funding the failed European Super League (ESL) breakaway attempt.
Six of England’s richest clubs, including Manchester United, Liverpool and Arsenal, were among the 12 European teams that hoped to gain permanent membership in a new tournament. However, the project collapsed in disarray this week after a backlash from fans to heads of government across the UK and Europe.
Standard Ethics, which grades corporations on their sustainability and is modelled on credit-ratings agencies, criticised the clubs as well as the bank.
“Standard Ethics judges both the orientations shown by the football clubs involved in the project and those of the US bank to be contrary to sustainability best practices, which are defined by the agency according to UN, OECD and European Union guidelines, and take into account the interests of the stakeholders,” it said.
It downgraded JP Morgan from an “adequate” rating to “non-compliant” in light of the ESL. Standard Ethics charges a fee to some companies to rate them based on environmental, social and governance performance, although JP Morgan’s rating was unsolicited.
The original full article can be found at theguardian.com
(Photo: Justin Lane/EPA)