Shares in Manchester United dive after European Super League plan backfires
Own goal: Shares in Manchester United have slumped following the European Super League debacle
Shares in football giants Manchester United and Juventus dived after a JP Morgan-backed plan to upend European football spectacularly collapsed.
The stock market falls come after English clubs pulled their support for a Super League, which would have seen 12 top teams from Europe form a midweek competition.
They included Barcelona, Real Madrid and Juventus, as well as Manchester City, Chelsea, Arsenal, Liverpool, Manchester United and Tottenham.
The idea was quickly condemned by fans, football authorities and politicians. The group was set to be funded by JP Morgan, who promised £4billion in debt financing.
Shares in Manchester United and Juventus – the two stock market listed clubs among the 12 –soared at the start of the week but then slumped putting them back down near their closing prices of last Friday.