What a beautiful day
Champions League Upset Costs Juventus $453 Million
By Joe Easton
April 17, 2019, 11:14 AM GMT+4
Dutch youngsters stun Italian club, bookies with 2-1 away win
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Shares of Juventus Football Club S.p.A. dropped as much as 24 percent after the Italian team was knocked out of Europe’s elite club competition by Dutch outsiders AFC Ajax NV on Tuesday. The Amsterdam-based club’s stock soared.
Juventus, whose stock lost about 400 million euros ($453 million) in market value at its low, went ahead in the the twenty-eighth minute, courtesy of 34-year-old, five-time Ballon d’Or winner Cristiano Ronaldo, but Ajax’s youth prevailed, with goals from two academy players -- 21-year-old Donny van de Beek and 19-year-old Matthijs de Ligt -- to send the club into its first Champions League semi-final since 1997.
Ajax now has the chance to boost its annual revenue by more than a third. Reaching the semis has earned Ajax an added 12 million euros ($13.6 million) in prize money, with a further 19 million euros potentially up for grabs if the team progresses further. That’s before ticketing and merchandising revenue, and greater leverage with commercial sponsors for a club that’s earned a place back on global soccer’s biggest stage. Ajax had adjusted revenue of about 92 million euros in 2018, according to data compiled by Bloomberg.
For Juventus, it’s a setback for the club backed by the billionaire Agnelli family, whose purchase of Ronaldo last year was seen as in part driven by a desire to win the competition. It’s the first time the Champions League semi-final will not feature the Portuguese superstar for nine years, according to the statistics website Opta.
Juve’s stock had rallied since the quarter-final draw last month as bookmakers made the Turin team known as “La Vecchia Signora,” or “The Old Lady" a firm favorite to progress. The stock soared 17 percent on March 13 after a Ronaldo hat trick turned around a two-goal deficit against Spain’s Atletico Madrid to secure a quarter-final place.
Juve's stock rallied as bookmakers forecasted Champions League progression
Ajax jumped 8.8 percent to 18.65 euros at 9:10 a.m. in Amsterdam, valuing the company at 342.8 million euros. Juventus plunged 22 percent to 1.32 euros for a market value of 1.3 billion euros