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By Jesse Cohen
Juventus (MI:JUVE) shareholders are learning that NOT winning can be costly.
Shares of the Italian football club dropped by as much as 24% this morning after they unexpectedly lost their Champion’s League quarter-final against Dutch side AFC Ajax (AS:AJAX) last night.
It was last down 15% in Milan at 1.43 euros.
Juventus, whose stock lost about 400 million euros ($453 million) in market value at its low, went ahead in the 28th minute, courtesy of Cristiano Ronaldo.
However, they came up short against a bright and youthful Ajax side, which enjoyed 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.
Having recruited five-time Ballon d’Or winner Ronaldo to their ranks, Juventus were seen as a one of the favorites to win this year’s premier European club competition for the first time since 1996.
The early exit from the competition is a financial blow, given the lucrative TV income, exposure for sponsors, and prize money on offer.
In contrast, shares in Ajax are soaring. They’re up 8.5% to a new all-time high of 18.60 euros.
The Dutch side now has a 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.
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