American investment bank JPMorgan, which agreed to financially support the breakaway European Super League in its inception, said that the impact of the competition on the wider football community was “clearly misjudged”. The project, which saw 12 of the biggest clubs in Europe agree to form the league, fell apart after all six English clubs pulled out.

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“We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future. We will learn from this,” said JPMorgan in a brief statement.

Initially, JPMorgan had agreed on a pot of 3.5 billion euros ($4.2 billion) to be shared among the first dozen teams to sign up as the founding memebers, plus another three clubs that were expected to join them.

But in the space of 48 hours this week, European football’s governing body UEFA, aided by fans and politicians, quelled a mutiny by the English, Spanish and Italian clubs who presumed to form their own closed tournament.

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Nine clubs, including all six in England, subsequently withdrew and even if Juventus, Barcelona and Real Madrid, whose president Florentino Perez led the attempted secession, are still refusing formally to capitulate, their proposal no longer looks credible.