Juventus shares tumble 14% while Manchester United slips as European Super League soccer plan implodes

• Juventus shares slid 12% after English teams withdrew from the European Super League.
• Manchester United slid 6% on Tuesday and traded 1% lower in pre-market.
• The ESL would have been highly lucrative but now appears doomed to failure.

Shares in Italy's Juventus FC tumbled 14% on the Italian stock exchange on Wednesday after controversial plans for a European Super League soccer tournament all but imploded as English and Italian teams withdrew.

Manchester United shares were down marginally on the New York Stock Exchange in early trading, after they slid 6% on Tuesday.

"I don't think that project is now still up and running," Juventus chairman Andrea Agnelli, one of the key drivers behind the plans for the ESL, said on Wednesday, according to the BBC.

The decision of many of Europe's richest and most successful clubs to sign up to a highly lucrative new tournament boosted the share prices of the clubs listed on the stock market on Monday.

Shares in Juventus (ticker JUVE), Cristiano Ronaldo's team, rallied sharply on Italy's stock exchange on Monday after the JPMorgan-backed plans were announced.

Manchester United (MANU) shares also j, with investors liking the look of a tournament that would make the clubs much richer.

But the plans, which would exclude all but 5 other teams each year, were met with howls of outrage from soccer fans across the continent.

On Wednesday, the entire European Super League project all but collapsed after the six English teams pulled out of the competition. They were: Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham. Italian teams AC Milan and Inter also said they would withdraw, as did Spain's Atletico Madrid.

Now the tournament - which has also enlisted Spain's Barcelona and Real Madrid, as well as Italy's Juventus - appears doomed.

"It's been a total debacle for the clubs - investors may be cautious about investing in football teams; they usually are," Neil Wilson, chief market analyst at Markets.com, said.

The fall took Juventus' shares down to 0.75 euros (around $0.90), virtually where they closed on Friday. Manchester United's shares traded at around $16.20 in pre-market, also near Friday's closing price.