North American company Relevent Sports have withdrawn from the proposed initiative with reports of a lack of capital cited as a problem for the venture.
The proposed plan to devise a new European Super League by some of the biggest club sides on the continent apparently lacks the required funding to launch the project. Last week Football Leaks reveled how 11 of the biggest clubs including Real Madrid and FC Barcelona were in talks about devising a new inclusive tournament which would feature 16 sides and be played independently to UEFA competition. At this point it appears the initiative may flounder after it was confirmed that North American company Relevent Sports have withdrawn their interest from the venture as they maintain the project laced financial viability.
Head of LaLiga Javier Tebas spoke to AS about the idea and when asked about the viability of the venture claimed that the numbers linked with the Super League proposal were "made up in a bar". Football Leaks claimed to have published an email sent to Florentino Pérez with a heads of agreement outlining initial ideas for the competition. Bayern Munich's Karl-Heinz Rummenigge was quizzed about the proposal at the recent European Club Association (ECA) meeting and denied any knowledge of plans for the Super League.
According to the leaked documents, Real Madrid were set to have 18.77% of the project with Barcelona with 17.61% and Manchester United with 12.58%. It appears that Barcelona and Juventus have already withdrawn interest from the project with sources close to the ECA maintaining that: "There is no clear directive within the ECA and clubs are failing already to agree on a number of issues. If they also need to be burdened with extra debt, then there is now way this venture will materialise".