Manchester United and Juventus shares rise on European Super League announcement
Shares in Manchester United (MANU) and Juventus (JUVE) rose on Monday following the announcement of plans for a European Super League.
Both clubs were confirmed on Sunday night as one of 12 founder members of the breakaway competition, which could replace the Champions League as soon as next year.
Shares in United were up more than eight per cent in the first hour of trading on the New York Stock Exchange. The Italian club’s stock rose almost nine per cent on the Milan stock exchange.
The other clubs who have pledged to take part are: Real Madrid, Barcelona, Atletico Madrid, Liverpool, Manchester City, Chelsea, Arsenal, Tottenham, AC Milan and Inter Milan.
Organisers of the European Super League believe the new 20-team competition will generate more money than the Champions League, which pays out around €2bn a year.
The founder members will not be at risk of relegation, giving them a guaranteed level of income.
They will share in an initial start-up pot of €3.5bn. Clubs will also sign up to a financial framework designed to maintain profitability and competition.
However, they face losing any revenue from domestic competitions. European football’s leagues and governing bodies have warned they could ban any clubs that sign up.
Juventus chairman Andrea Agnelli has been named one of the vice-chairs of the European Super League.
The Turin club has won the last nine Italian league titles but look set to lose their crown this year.
United owner Joel Glazer has been appointed one of the co-chairs of the European Super League.