They say “form is temporary but class is permanent” in sport but the short-term response to a loss is becoming even more pronounced, as evidenced by Juventus’ overnight share price plunge.

The Italian club fell 2-0 to a resurgent Atlético Madrid at the Wanda Metropolitano last night and the markets were quick to react.

The Turin-based club’s share price dropped from €1.45 at the close of the Borsa Italiana to open at €1.29-per-share this morning.

The 10% share price is being linked in the Italian media to concerns that failure to progress past the last 16 stage of Europe’s most prestigious – and lucrative – football competition could cost the Italian champions around €10.5 million.

With a hefty wage bill, which includes global superstar Cristiano Ronaldo, the club will be hoping the market is equally receptive should they turn things around in the second leg of the tie, which is set to be played on 12 March.

The club went to the bond market for the first time earlier this month seeking to raise around €150 million.

Rated fund managers keeping a close eye on the outcome will include Italian equity specialist Luigi Degrada. According to Lipper, the Citywire A-rated manager has minor stakes in Fonditalia Equity Italy and Interfund Equity Italy funds, both under 0.2% of total exposure.

Degrada was approached for comment but had not responded at the time of publication.

Other managers with exposure included the highly-rated team behind the Dublin-domiciled Lindsell Train Global Equity fund.

Also according to Lipper, Citywire AAA-rated James Bullock and Citywire AA-rated pair Nick Train and Michael Lindsell have a 1.8% position in their fund.