Arsenal has lost £8m just for joining the alliance of teams that formed the suspended European Super League and they face even further fines.

The Gunners were one of six Premier League teams who joined forces with Spanish and Italian teams to create the new competition.

However, their efforts to create competition for the Champions League were frustrated until it was abandoned.

The club’s fans were one reason why the idea had to be suspended and it has now been revealed that they have already started losing money for gambling that the competition would take off.

Sun Sports claims the £8m was a fee paid by each of the registered teams as a token that would be used to run legal costs as well as negotiating TV rights, etc.

The report claims that the agreement that bound them was meant to be stuck with no matter what happens.

Now that it has failed, the teams are unlikely to get their money back.

The Premier League is also deliberating how to respond to the rebels.

The report adds that the EPL would likely fine them rather than dock them points or exclusion from the competition.

This article first appeared on Just Arsenal and was syndicated with permission.

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