Plans for a breakaway European Super League provoked a furious reaction from the British media on Monday as the six English Premier League clubs involved were universally condemned.

Manchester United, Liverpool, Manchester City, Arsenal, Chelsea and Tottenham are among 12 teams to sign up to the plan, also featuring Spanish trio Real Madrid, Barcelona and Atletico Madrid, as well as Italy's Juventus, AC Milan and Inter Milan.

The breakaway clubs have been lured by a 3.5 billion euro ($4.2 billion, £3 billion) pot to sign up to the competition which would take them out of the Champions League but not their domestic leagues.

The British media were quick to turn their guns on the greed-motivated owners of the Premier League teams involved.

The Guardian's Jonathan Liew said: "How the world's most popular sport managed to hand over so much of its power and wealth and influence to people who despise it.

"Because make no mistake: this is an idea that could only have been devised by someone who truly hates football to its bones.

"Who hates football so much that they want to prune it, gut it, dismember it, from the grassroots game to the World Cup.

"Who finds the very idea of competitive sport offensive, an unhealthy distraction from the main objective, which in a way has always been capitalism's main objective."

Matt Dickinson, writing in The Times, was hardly more sparing in his opprobrium, comparing the owners' tactics to that of blackmailers.

<h2>- 'Shameless exploiters' -</h2>

"These shameless exploiters of football, and of our passions, have reached for the old playbook, the same blunt weapon of a European Super League," he wrote.

"Depressingly, we have to say 'why not?' when it has worked for them every time before.

"Like the blackmailer who says he will walk away for a grand but comes back asking for double, then triple, preying on our weakness, these clubs are never satisfied, never bought off.

"A billion? Make it a gazillion. Two Champions League places? Call it four. A coefficient safety net? Make it a closed league. Always more, more, more."

Daily Mail chief sportswriter Martin Samuel said punishment for the clubs competing in the "despicable plastic competition that threatens the existence of English football" should be brutal.

He suggests a united front of opposition which has worked in the past could be as effective now.&nbsp;

"The utter contempt the protagonists have for the rest of the game," he wrote.

"For the fans, especially, but for the clubs, the players, the coaches, the history and traditions; for the wider good, for the national team, the football pyramid, for everything that football has meant to communities and society stretching back across two centuries.

"It was the backlash from the ordinary supporters that killed the 39th game proposal, and it can kill this too.

"Cancel the League Cup final (next Sunday Manchester City play Tottenham Hotspur), because why should the EFL present a trophy to one of two clubs whose greed threatens to destroy their crown jewel competition, the only reason they sit at the broadcasters' table."

Plans for a breakaway European Super League provoked a furious reaction from the British media on Monday as the six English Premier League clubs involved were universally condemned.

Plans for a breakaway European Super League provoked a furious reaction from the British media on Monday as the six English Premier League clubs involved were universally condemned. Manchester United, Liverpool, Manchester City, Arsenal, Chelsea and Tottenham are among 12 teams to sign up to the plan, also featuring Spanish trio Real Madrid, Barcelona and Atletico Madrid, as well as Italy's Juventus, AC Milan and Inter Milan. The breakaway clubs have been lured by a 3.5 billion euro ($4.2 billion, £3 billion) pot to sign up to the competition which would take them out of the Champions League but not their domestic leagues. The British media were quick to turn their guns on the greed-motivated owners of the Premier League teams involved. The Guardian's Jonathan Liew said: "How the world's most popular sport managed to hand over so much of its power and wealth and influence to people who despise it. "Because make no mistake: this is an idea that could only have been devised by someone who truly hates football to its bones. "Who hates football so much that they want to prune it, gut it, dismember it, from the grassroots game to the World Cup. "Who finds the very idea of competitive sport offensive, an unhealthy distraction from the main objective, which in a way has always been capitalism's main objective." Matt Dickinson, writing in The Times, was hardly more sparing in his opprobrium, comparing the owners' tactics to that of blackmailers. - 'Shameless exploiters' - "These shameless exploiters of football, and of our passions, have reached for the old playbook, the same blunt weapon of a European Super League," he wrote. "Depressingly, we have to say 'why not?' when it has worked for them every time before. "Like the blackmailer who says he will walk away for a grand but comes back asking for double, then triple, preying on our weakness, these clubs are never satisfied, never bought off. "A billion? Make it a gazillion. Two Champions League places? Call it four. A coefficient safety net? Make it a closed league. Always more, more, more." Daily Mail chief sportswriter Martin Samuel said punishment for the clubs competing in the "despicable plastic competition that threatens the existence of English football" should be brutal. He suggests a united front of opposition which has worked in the past could be as effective now. "The utter contempt the protagonists have for the rest of the game," he wrote. "For the fans, especially, but for the clubs, the players, the coaches, the history and traditions; for the wider good, for the national team, the football pyramid, for everything that football has meant to communities and society stretching back across two centuries. "It was the backlash from the ordinary supporters that killed the 39th game proposal, and it can kill this too. "Cancel the League Cup final (next Sunday Manchester City play Tottenham Hotspur), because why should the EFL present a trophy to one of two clubs whose greed threatens to destroy their crown jewel competition, the only reason they sit at the broadcasters' table."

British media blast clubs leading European Super League breakaway

Spanish top-flight LaLiga has strongly condemned and opposed the European Super League, which has been central to widespread criticism after 12 elite football clubs in Europe announced that they were creating a separate league rather than playing in UEFA club competition.

Manchester United, Liverpool, Manchester City, Arsenal, Chelsea and Tottenham are among 12 teams to sign up to the plan, also featuring Spanish trio Real Madrid, Barcelona and Atletico Madrid, as well as Italy's Juventus, AC Milan and Inter Milan.

The breakaway clubs have been lured by a 3.5 billion euro ($4.2 billion, £3 billion) pot to sign up to the competition which would take them out of the Champions League but not their domestic leagues.

LaLiga issued a statement on the European Super League as it said that the tournament is nothing but a selfish ploy to enrich the already super rich while adding it will undermine the appeal of the whole game and leave a damaging impact on the future of the footballing ecosystem.

<h2>LaLiga's full statement on European Super League:</h2>

LaLiga strongly condemns the recently published proposal for a breakaway, elitist European competition that attacks the principles of open competition and sporting merit which are at the heart of the domestic and European football pyramid.

Today football fans across Europe can dream that their club, no matter the size, may excel, climb to the top and compete at the pinnacle of European football. LaLiga defends this European tradition of football for all. The concept proposed by 12 European clubs destroys that dream, shutting the door to the top of European football, allowing in just an elite few.

LaLiga has a proud, 90-year history as an open, merit-based competition. Millions of fans around the world follow the 42 clubs of LaLiga Santander and LaLiga SmartBank. The success of our competitions has helped football to become a key contributor to the Spanish economy, accounting for nearly 1.4% of GDP and providing employment for nearly 200,000 people.

The newly proposed top European competition is nothing more than a selfish, egotistical proposal designed to further enrich the already super rich. It will undermine the appeal of the whole game and have a deeply damaging impact on the immediate and future of LaLiga, its member clubs, and all the entire footballing ecosystem.

In addition, the breakaway league threatens the rest of Spanish sports to which, in the current season, LaLiga will contribute more than 126 million euros as part of its agreement with the Spanish government and the Spanish FA.

This destruction of the European football ecosystem will also ultimately cause the failure of this new competition and its participating clubs, which have built their success based on the achievement of sports titles and triumphs, which will now be more limited.

We use all measures at our disposal and work with all stakeholders to defend the integrity and future of Spanish football in the best interests of the game.

Spanish top-flight LaLiga has strongly condemned and opposed the European Super League, which has been central to widespread criticism after 12 elite football clubs in Europe announced that they were creating a separate league rather than playing in UEFA club competition.

Spanish top-flight LaLiga has strongly condemned and opposed the European Super League, which has been central to widespread criticism after 12 elite football clubs in Europe announced that they were creating a separate league rather than playing in UEFA club competition. Manchester United, Liverpool, Manchester City, Arsenal, Chelsea and Tottenham are among 12 teams to sign up to the plan, also featuring Spanish trio Real Madrid, Barcelona and Atletico Madrid, as well as Italy's Juventus, AC Milan and Inter Milan. The breakaway clubs have been lured by a 3.5 billion euro ($4.2 billion, £3 billion) pot to sign up to the competition which would take them out of the Champions League but not their domestic leagues. LaLiga issued a statement on the European Super League as it said that the tournament is nothing but a selfish ploy to enrich the already super rich while adding it will undermine the appeal of the whole game and leave a damaging impact on the future of the footballing ecosystem. LaLiga's full statement on European Super League: LaLiga strongly condemns the recently published proposal for a breakaway, elitist European competition that attacks the principles of open competition and sporting merit which are at the heart of the domestic and European football pyramid. Today football fans across Europe can dream that their club, no matter the size, may excel, climb to the top and compete at the pinnacle of European football. LaLiga defends this European tradition of football for all. The concept proposed by 12 European clubs destroys that dream, shutting the door to the top of European football, allowing in just an elite few. LaLiga has a proud, 90-year history as an open, merit-based competition. Millions of fans around the world follow the 42 clubs of LaLiga Santander and LaLiga SmartBank. The success of our competitions has helped football to become a key contributor to the Spanish economy, accounting for nearly 1.4% of GDP and providing employment for nearly 200,000 people. The newly proposed top European competition is nothing more than a selfish, egotistical proposal designed to further enrich the already super rich. It will undermine the appeal of the whole game and have a deeply damaging impact on the immediate and future of LaLiga, its member clubs, and all the entire footballing ecosystem. In addition, the breakaway league threatens the rest of Spanish sports to which, in the current season, LaLiga will contribute more than 126 million euros as part of its agreement with the Spanish government and the Spanish FA. This destruction of the European football ecosystem will also ultimately cause the failure of this new competition and its participating clubs, which have built their success based on the achievement of sports titles and triumphs, which will now be more limited. We use all measures at our disposal and work with all stakeholders to defend the integrity and future of Spanish football in the best interests of the game.

European Super League: LaLiga condemns the proposal for a breakaway elitist European competition

<a href="http://www.wionews.com/business-economy/sears-files-for-bankruptcy-set-to-close-142-stores-in-us-171553">Sears Holdings Corp Chairman Eddie Lampert</a> submitted a $4.4 billion takeover bid for the bankrupt US retailer, representing its only chance of escaping liquidation and laying off tens of thousands of workers, a spokesman for the billionaire's hedge fund said on Friday.

Lampert's bid is backed in part by $1.3 billion in financing from three different financial institutions, the spokesman for his hedge fund, ESL Investments Inc, said. It would preserve about 425 stores that Sears has yet to close and secure the jobs of up to 50,000 workers out of the 68,000 employed by the retailer. An affiliate of ESL, Transform Holdco LLC, submitted the bid, the spokesman said.

People familiar with the matter said the financing comes from Sears' existing lenders Bank of America Corp and Citigroup Inc, as well Royal Bank of Canada, which was not previously a lender, which together agreed to provide a $950 million asset-based loan and a $350 million revolving credit line.

Some of Lampert's bid relies on $1.8 billion of Sears debt that ESL already holds and plans to forgive to back the offer, the sources said. The bid also includes about $400 million in financing from non-bank lenders, the sources said.

The bid contemplates assuming protection agreements Sears has previously sold to reassure customers who have bought appliances, televisions, lawn tractors and other big-ticket items, the ESL spokesman said.

"Factoring for all considerations, we believe that our going concern bid provides the best path forward for the company, the best option to save tens of thousands of jobs and is superior for all of Sears’ stakeholders to the alternative of complete liquidation," the ESL spokesman said. "Much work remains and there is no assurance our proposal will be completed."

Sears will now evaluate the bid to determine whether it is viable, and there remains a possibility the company could reject it, some of the sources said.

A Sears spokeswoman declined to comment. Bank representatives either had no immediate comment or did not immediately respond to requests for comment.

A US bankruptcy court judge must approve any sale of Sears. The judge will weigh the opinions of other stakeholders, including unsecured creditors who have argued they could recover more of their investment if the department store operator winds down.

Without the financing or another buyer, Sears faces the prospect of closing its doors for good and putting roughly 68,000 people out of work.

The 125-year-old retailer filed for bankruptcy on October 15 and developed plans to restructure around the sale of 500 stores and businesses including Kenmore, DieHard and the company's home services division. Only Lampert's ESL offered to buy the entire company.

The only other bids Sears has received are from suitors interested in pieces of the company and liquidators prepared to run going-out-of-business sales at stores and shut down the retailer.

Sears dates back to the late 1880s. Its mail-order catalogues with merchandise ranging from toys, medicine and gramophones to automobiles, kit houses and tombstones made it the Amazon.com Inc of its time.

But the iconic retailer gradually lost its shine as consumers increasingly favoured brick-and-mortar rivals such as Walmart Inc and Target Corp and e-commerce.

Lampert, who through ESL is Sears' biggest shareholder and creditor, formed Sears Holdings in 2005 by acquiring Sears Roebuck in an $11 billion deal and combining it with discount chain Kmart, which he had also taken over.

Lampert had pledged to restore Sears to its glory days when it owned the Sears Tower in Chicago, then the world's tallest building, and companies that included a radio station and Allstate insurance. But the company stopped turning a profit in 2011, and it gradually started to sell assets, such as its legendary Craftsman brand and many of its properties, to stay afloat.

Sears Holdings listed $6.9 billion in assets and $11.3 billion in liabilities in documents filed in the US Bankruptcy Court in the Southern District of New York.

The largest US toy retailer, Toys ‘R’ Us, tried to emerge from its 2017 bankruptcy filing but was forced to liquidate six months later after creditors lost confidence in its turnaround plan.

Sears Holdings Corp Chairman Eddie Lampert submitted a $4.4 billion takeover bid for the bankrupt US retailer, representing its only chance of escaping liquidation and laying off tens of thousands of workers, a spokesman for the billionaire's hedge fund said on Friday.

Sears Holdings Corp Chairman Eddie Lampert submitted a $4.4 billion takeover bid for the bankrupt US retailer, representing its only chance of escaping liquidation and laying off tens of thousands of workers, a spokesman for the billionaire's hedge fund said on Friday. Lampert's bid is backed in part by $1.3 billion in financing from three different financial institutions, the spokesman for his hedge fund, ESL Investments Inc, said. It would preserve about 425 stores that Sears has yet to close and secure the jobs of up to 50,000 workers out of the 68,000 employed by the retailer. An affiliate of ESL, Transform Holdco LLC, submitted the bid, the spokesman said. People familiar with the matter said the financing comes from Sears' existing lenders Bank of America Corp and Citigroup Inc, as well Royal Bank of Canada, which was not previously a lender, which together agreed to provide a $950 million asset-based loan and a $350 million revolving credit line. Some of Lampert's bid relies on $1.8 billion of Sears debt that ESL already holds and plans to forgive to back the offer, the sources said. The bid also includes about $400 million in financing from non-bank lenders, the sources said. The bid contemplates assuming protection agreements Sears has previously sold to reassure customers who have bought appliances, televisions, lawn tractors and other big-ticket items, the ESL spokesman said. "Factoring for all considerations, we believe that our going concern bid provides the best path forward for the company, the best option to save tens of thousands of jobs and is superior for all of Sears’ stakeholders to the alternative of complete liquidation," the ESL spokesman said. "Much work remains and there is no assurance our proposal will be completed." Sears will now evaluate the bid to determine whether it is viable, and there remains a possibility the company could reject it, some of the sources said. A Sears spokeswoman declined to comment. Bank representatives either had no immediate comment or did not immediately respond to requests for comment. A US bankruptcy court judge must approve any sale of Sears. The judge will weigh the opinions of other stakeholders, including unsecured creditors who have argued they could recover more of their investment if the department store operator winds down. Without the financing or another buyer, Sears faces the prospect of closing its doors for good and putting roughly 68,000 people out of work. The 125-year-old retailer filed for bankruptcy on October 15 and developed plans to restructure around the sale of 500 stores and businesses including Kenmore, DieHard and the company's home services division. Only Lampert's ESL offered to buy the entire company. The only other bids Sears has received are from suitors interested in pieces of the company and liquidators prepared to run going-out-of-business sales at stores and shut down the retailer. Sears dates back to the late 1880s. Its mail-order catalogues with merchandise ranging from toys, medicine and gramophones to automobiles, kit houses and tombstones made it the Amazon.com Inc of its time. But the iconic retailer gradually lost its shine as consumers increasingly favoured brick-and-mortar rivals such as Walmart Inc and Target Corp and e-commerce. Lampert, who through ESL is Sears' biggest shareholder and creditor, formed Sears Holdings in 2005 by acquiring Sears Roebuck in an $11 billion deal and combining it with discount chain Kmart, which he had also taken over. Lampert had pledged to restore Sears to its glory days when it owned the Sears Tower in Chicago, then the world's tallest building, and companies that included a radio station and Allstate insurance. But the company stopped turning a profit in 2011, and it gradually started to sell assets, such as its legendary Craftsman brand and many of its properties, to stay afloat. Sears Holdings listed $6.9 billion in assets and $11.3 billion in liabilities in documents filed in the US Bankruptcy Court in the Southern District of New York. The largest US toy retailer, Toys ‘R’ Us, tried to emerge from its 2017 bankruptcy filing but was forced to liquidate six months later after creditors lost confidence in its turnaround plan.

Sears Chairman Lampert makes $4.4 billion bid to keep retailer alive

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British media blast clubs leading European Super League breakaway

European Super League: LaLiga condemns the proposal for a breakaway elitist European competition

Sears Chairman Lampert makes $4.4 billion bid to keep retailer alive