ROME: Shares in Juventus and Manchester United jumped on Monday after the clubs announced a breakaway European Super League with another 10 of footballâs most powerful teams.
The Italian clubâs shares rose by 7% to â¬0.827 (RM4.10) one hour after opening on the Milan stock market, after weeks of falling prices since it was eliminated from the Champions League in March.
Manchester United, which is listed on the New York Stock Exchange, was up more than 5% in pre-market trading.
Overnight, the two clubs confirmed their participation in the new venture alongside other clubs from Italy, England and Spain.
Inter Milan, AC Milan, Liverpool, Arsenal, Chelsea, Manchester City, Tottenham, Barcelona, Real Madrid and Atletico Madrid have also signed up to the plan, which has sparked outrage from football authorities, fans and pundits.
âThe financial incentive for the clubs is plain to see, with a multi-billion dollar package at the heart of the scheme, albeit it would forever break the integrity of the club game,â said Neil Wilson, chief market analyst at Markets.com.
âThe sort of additional revenues the ESL will deliver would need to be offset by a potential material decline or total loss of existing earnings from media deals through national leagues and UEFA,â he said. â AFP
