Juventus shares tumble 12% while Manchester United slides as European Super League soccer plan implodes

GettyImages 1312146598
Cristiano Ronaldo plays for Juventus FC.

Shares in Italy’s Juventus FC tumbled 12% on the Italian stock exchange on Wednesday after controversial plans for a European Super League soccer tournament all but imploded as English teams withdrew.

Manchester United shares were down 1% in pre-market trading on the New York Stock Exchange, after they slid 6% on Tuesday.

“I don’t think that project is now still up and running,” Juventus chairman Andrea Agnelli, one of the key drivers behind the plans for the ESL, said on Wednesday, according to the BBC.

The decision of many of Europe’s richest and most successful clubs to sign up to a highly lucrative new tournament boosted the share prices of the clubs listed on the stock market on Monday.

Shares in Juventus (ticker JUVE), Cristiano Ronaldo’s team, jumped 24% from Friday’s close to Monday’s close on Italy’s stock exchange after the JPMorgan-backed plans were announced.

Manchester United (MANU) shares climbed around 7%, with investors liking the look of a tournament that would make the clubs much richer.

But the plans, which would exclude all but 5 other teams each year, were met with howls of outrage from soccer fans across the continent.

On Wednesday, the entire European Super League project all but collapsed after the six English teams pulled out of the competition. They were: Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham.

Now the tournament – which had also enlisted Spain’s Atletico Madrid, Barcelona, and Real Madrid, and Italy’s AC Milan, Inter, and Juventus – appears doomed.

“It’s been a total debacle for the clubs – investors may be cautious about investing in football teams; they usually are,” Neil Wilson, chief market analyst at Markets.com, said.

The fall took Juventus’ shares down to 0.77 euros (around $0.92), virtually where they closed on Friday. Manchester United’s shares traded at around $16.05 in pre-market, also similar to Friday’s closing price.

Read the original article on Business Insider