Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Manchester United (NYSE: MANU) are up premarket on Monday after announcing that they and 11 other clubs have agreed to join a European Super League (ESL).
The seismic announcement, which has (rightly) received a significant backlash around the football world, was made by six Premier League clubs, including Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham.
Other European clubs who have agreed to join include AC Milan, Atletico Madrid, Barcelona, Inter Milan, Juventus and Real Madrid.
JPMorgan has confirmed that they are financing the ESL with rumours of around $6 billion in funding.
League associations, UEFA, other clubs and politicians have all come out against the proposed plans.
Despite the enormous backlash, shares of Manchester United have risen premarket, up 9.77% at $17.75 per share, while Juventus shares, which trade on the Italian Stock Exchange, are up 14.36% at €0.8840.
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