Soccer's Super League Crashes and Burns Day After Launch

The breakaway soccer league financed by JPMorgan Chase (NYSE: JPM) is already in shambles a day after its creation following a massive backlash from fans, players, rival teams and leagues, and the British government. All six U.K. soccer teams, including Arsenal, Liverpool, and Manchester United (NYSE: MANU), have backed out of participating in the new Super League, and the Italian and Spanish teams are considering withdrawing as well. While the Super League was discussed as a possibility for months, it wasn't until the investment bank agreed to provide the teams with up to $6 billion in debt financing that it was able to lure enough clubs to make the break.