Juventus Shares Jumped Seven Percent To 0.827 Euros After Declaring To Join The European Super League

JAKARTA - Shares of Manchester United (MU) and Juventus surged on Monday after the clubs announced they were forming the European Super League (ESL) along with 10 of the most powerful football teams.

The Italian club's shares rose 7 percent to 0.827 euros (Rp14,469) an hour after the opening of the Milan stock market, after weeks of falling prices since the club exited the Champions League in March.

Manchester United, which is listed on the New York Stock Exchange, was up more than five percent in pre-market trading.

Overnight, the two clubs confirmed their participation in this new venture alongside 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 for the plan, which has sparked outrage from football authorities, fans and pundits.

"The financial incentives for the club are clear, with a multi billion dollar package at the heart of the scheme, even though it will forever undermine the integrity of the club's game," said Neil Wilson, chief market analyst at Markets.com.

"The type of additional income that ESL will provide will need to be offset by the potential for a material reduction or total loss from existing income from media deals through the national league and UEFA," he said.