- Juventus shares slid 12% after English teams withdrew from the European Super League.
- Manchester United slid 6% on Tuesday and traded 1% lower in pre-market.
- The ESL would have been highly lucrative but now appears doomed to failure.
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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.
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.