- Shares of Juventus FC SpA retreated sharply in the afternoon deals on Tuesday, 20 April
- The stock witnessed immense selling pressure in the wee hours of trading
- On 19 April, shares of Manchester United and Juventus rallied on Super League plans
Shares of Juventus FC SpA (BIT: JUVE), the Turin-based leading football club, retreated sharply in the afternoon deals on Tuesday, 20 April. The Borsa Italiana-listed stock of Juventus registered a massive 18 per cent gain on Monday after the most-celebrated football club in Italy joined the plans of the European Super League.
According to the data available with the Italy Stock Exchange, the stock of Juventus slipped as much as 8.79 per cent to an intraday bottom of EUR 0.83 from the previous close of EUR 0.91. The stock witnessed immense selling pressure in the wee hours of trading, extending the drop to make a day’s trough at EUR 0.83.
The selling in the counter can be partially attributed to profit-booking after the shares of Cristiano Ronaldo-equipped club registered the biggest gain of 2021 on Monday. The stock of Juventus was down approximately 5 per cent on a year-to-date (YTD) scale up until 16 April. With the record appreciation in the share prices, the stock of Juventus stands with a YTD gain of 12.35 per cent.
Juventus’ recent performance
Over the course of the last 14 months, the stock of Juventus has largely fallen owing to the lost revenue stream due to cancelled league matches of Serie A, fixtures lined up in the Champion League and majorly due to the closed-door matches, which has eroded all the ticket-led revenue for the biggest club of Italy.
Juventus FC SpA, popularly known as the Old Lady, has managed to clinch as many as eight consecutive Serie A titles but has not fared well among the fight of best European Clubs in the UEFA Champions League. Cristiano Ronaldo, 36, has been primarily roped in as the team’s main forward player to end the UCL drought. Juventus shares have enjoyed an eventful ride since the inclusion of five-time Ballon d’Or winner Cristiano Ronaldo.
Super League plans
Earlier on 19 April, shares of the NYSE-listed component of England’s favourite club Manchester United (NYSE: MANU) and Juventus rallied after both the juggernauts, alongside 10 other European football clubs, announced the formation of the European Super League. Investors quickly piled up the stocks of both the clubs in anticipation of a major boost to revenues linked to the broadcast rights.
The notion of European Super League has been inducted to introduce a rival championship against the most-followed and prestigious UEFA Champions League. The European Super League is financed by the New York-headquartered investment behemoth JP Morgan Chase & Co.