I would not call AJAX NA a dark horse, though, at the previous stage, they drove out of the tournament none other than Real Madrid, after which the club’s asset prices jumped by 8%. Besides, AJAX NA looks quite convincing from the financial point of view. It is the only profitable one among the three clubs (see the table).

The asset prices of teams are primarily influenced by specific results rather than financial statements. The first quarter-finals with Juventus started on April 10. I believe that Turin’s team led by the great Christiano Ronaldo has more chances to reach the semi-finals. In response to Juventus’ previous success in the match against Atletico Madrid, the asset prices rose by 18% in the market.

In terms of market capitalization, Manchester United is the most outstanding among our “triplet”. In the quarterfinal, Manchester United stands against Barcelona led by the genius of world football Leo Messi. I still believe that the Spanish club has chances to victory in the two-legged tie.

You can probably guess that football’s representation in the stock market is not limited to these three clubs. There are not many of them but they do exist. The table below presents the largest European teams in terms of capitalization. There is a European stock index, STOXX Europe Football Index that includes all football clubs (except for Manchester United). This is not an ETF, but a simple index that tracks stock performance.