Despite the mixed reactions trailing the proposed European Super League, some of the clubs involved in the breakaway league are already reaping financially from the move.
The Super League is being formed by 12 major European clubs, who are looking to recoup losses caused by the coronavirus pandemic, according to Real Madrid President Florentino Perez.
Italian giants, Juventus and Premier League side, Manchester United on Monday recorded a jump in their respective shares in the stock market following confirmation of their participation in the new league.
Juve, who had experienced falling prices since their elimination from the Champions League in March, recorded a seven percent share rise to 0.827 euros one hour after opening on the Milan stock market.
Manchester United, on the other hand, was up more than five per cent in pre-market trading on the New York Stock Exchange.
Both clubs had on Sunday night confirmed their participation in the European Super League alongside Atletico Madrid, Real Madrid, Barcelona, Manchester City, Arsenal, Tottenham, Chelsea, Liverpool, Inter Milan and AC Milan.
But why are football’s biggest clubs starting a new tournament?
The new venture has been a subject of controversy around the globe since Sunday, with fans and managers as well as football ruling bodies speaking against it.
The clubs involved say the league will benefit football as a whole, but critics say it is driven by greed.
A look into the revenue trend of the clubs involved shows how they all experienced a fall in revenue between 2019 and 2020, majorly due to the coronavirus pandemic.
The clubs are bent on going ahead with their plans despite threats from FIFA and UEFA concerning their participations in other domestic and international competitions.
Meanwhile, a new 36-team Champions League has been agreed on Monday, and the new format is billed to begin in 2024.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURES: Rise in Monkeypox infection troubling Nigeria’s rural population
In this features, KELECHUKWU IRUOMA goes into the rural communities of Bayelsa State, south-south Nigeria to uncover the plight of...
SPECIAL REPORT: Kwara communities groan as erosion washes away roads, property
For a number of years communities in Ilorin South LGA of Kwara State have had to live with the menace...
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...