Politics

Top Tory donor is vice-chairman of banking giant financing European Super League


A top Tory donor who has pumped hundreds of thousands of pounds into the party war chest is a vice-chairman at the New York banking giant financing the £4.3billion breakaway European Super League.

Multi-millionaire Old Etonian David Mayhew holds a key role at JPMorgan Chase, having spent decades as one of Britain’s most lauded bankers.

The 80-year-old has injected £604,400 into Conservative coffers in 18 separate donations up to last May, according to Electoral Commission records.

He was given a CBE under David Cameron in the 2011 Queen’s Birthday Honours.

Mr Mayhew is a former chairman of JPMorgan Cazenove.

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An undated hand out photograph taken at an unknown location shows David Mayhew
David Mayhew is a top Tory donor

He stood down from the role in 2011 after more than four decades with the bank.

The New York Times called him “one of Britain’s most respected bankers”.

He was immediately appointed JPMorgan Chase’s vice chairman of global investment banking.

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Liverpool fans protest the planned European Super League outside the stadium before tonight's match against Leeds
Liverpool fans protest the planned European Super League outside the stadium before tonight’s match against Leeds

It is understood he played no role in the Super League deal and the bank declined to comment.

Tory links with JPMorgan extend to current MPs.

Former Chancellor Sajid Javid trousers £150,000-a-year from the bank for between 80 and 96 hours’ work a year – giving him an hourly rate of between £1,562.50 and £1,875.



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His entry on MPs’ Register of Interests says he “consulted ACoBA (the Advisory Committee on Business Appointments) about this appointment”.

Mr Javid, who was a banker before entering Parliament in 2010, sits on its advisory council for Europe, the Middle East and Africa.

Other records show JPMorgan donated hospitality worth several thousand pounds to a Conservative minster.



A view a sign at a JPMorgan Chase building in New York, New York, USA, 16 April 2009
JPMorgan Chase is a global banking giant based in New York

The Wall Street giant donated hospitality worth £1,752.22 to then Universities Minister David Willetts in September 2011 followed by another donation of hospitality worth £1,880.57 in September 2012.

JPMorgan Chase today said it was financing the Super League venture but declined to say how much it was stumping up to create the new league.

A spokesman said: “I can confirm that we are financing the deal but have no further comment at the moment.”



Former prime minister Tony Blair
Former prime minister Tony Blair is paid by JPMorgan, reportedly

Former Prime Minister Tony Blair is reportedly paid £2million a year as an adviser to JPMorgan.

One-time Labour leadership hopeful Chuka Umunna, a former Shadow Business Secretary, was recruited by JPMorgan in February(2021) when it emerged he would become managing director of its environmental, social and governance efforts in Europe, the Middle East and Africa.

In September(2020), JPMorgan Chase agreed to pay more than $920m (£658m) and admitted to wrongdoing to settle federal US market manipulation investigations into its trading of metals futures and Treasury securities.



A Fan sign is seen reading "Fans before finance, All fans aren't we" as a protest against the European Super League outside the stadium prior to the Premier League match between Leeds United and Liverp
Fans feel they are being betrayed

And in January 2014, the bank agreed to pay $1.7bn(£1bn) to victims of the Bernard Madoff fraud following a settlement with US prosecutors.

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Authorities accused the bank of ignoring red flags about Madoff’s crimes.

Other Conservative links to the Super League deal include PR firm iNHouse handling communications for the rebel competition.



Fans protest outside Elland Road against Liverpool's decision to be included amongst the clubs attempting to form a new European Super League. Picture date: Monday April 19, 2021
Fans have brought out the banners in protest

The company’s chairwoman Katie Perrior was a press aide to Boris Johnson when he was London Mayor, and was No10 director of communications under Theresa May.

The breakaway league has support from investment bank JPMorgan Chase, which will provide debt financing for the competition.

It is understood it will underwrite around $6billion (£4.3bn) in loans for teams involved.

Analysts said the plan which emerged on Sunday night is likely to be the biggest sports financing deal of 2021 – with big fees.

JPMorgan will charge an interest rate of 2% to 3% on the debt, according to the Financial Times.

The Wall Street giant was also involved in talks in October over a replacement for the Champions League.





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