MILAN (Reuters) – Shares in Italian soccer club Juventus and England’s Manchester United jumped on Monday after they and ten other top European clubs launched a breakaway Super League.

Juventus’ share price surged as much as 10% as shareholders welcomed the move that sets up a rival to UEFA’s established Champions League, Europe’s most prestigious club competition, and sparks a bitter battle for the sport’s lucrative revenues.

Shares in England’s Manchester United rose 5% in thin pre-market trading. United’s main listing is on the New York Stock Exchange that begins trading later.

Announcement of the Super League on Sunday was condemned by football authorities across Europe and by political leaders including the French president and British prime minister.

As well as United, Premier League clubs Liverpool, Manchester City, Chelsea, Arsenal and Tottenham Hotspur have signed up to the plans.

From Spain, Barcelona, Real Madrid and Atletico Madrid are joining. AC Milan and Inter Milan make up the trio from Italy along with Juventus.

Some analysts think the Super League announcement may prove a ploy by the big clubs to seek extra revenues from existing European club competitions.

“Whether it’s Super League or not, the signal is that the big clubs want to ‘renegotiate’ with UEFA the proceeds, so it’s definitely something that stirs the waters…,” said Angelo Meda, head of equities at Banor SIM in Milan.

“I doubt that they have moved like this and will give in, something will be granted!”

Shares in Juventus, which like other listed soccer clubs tend to be highly volatile, were up last up 7%, reducing earlier gains.

Shares in French soccer club Olympique Lyon, not part of the Super League, were down 0.4%.

 

(Reporting by Giancarlo Navach, Danilo Masoni and Tommy Reggiori Wilkes; editing by Thyagaraju Adinarayan)