Borussia Dortmund Drops Most in 18 Months After Defeat in London

(Bloomberg) -- Shares of Borussia Dortmund GmbH dropped the most in almost 18 months as investors appeared to give the German soccer club little chance of overturning a 3-0 defeat to Tottenham Hotspur in the UEFA Champions League.

Second-half goals from Heung-Min Son, Jan Vertonghen and Fernando Llorente at London’s Wembley Stadium on Wednesday evening gave the English Premier League team a firm advantage ahead of the round-of-sixteen return leg at Signal Iduna Park on March 5.

Bookmaker William Hill offered odds of 10/1 on Dortmund to reach the quarter-finals on Thursday morning, implying a probability of just 9.1 percent. The club’s stock fell as much as 7.7 percent, its biggest decline since August 2017.

Borussia Dortmund Drops Most in 18 Months After Defeat in London

Champions League quarter finalists receive an extra 10.5 million euros ($11.8 million) in prize money, with another 31 million euros at stake if clubs progress further. Success in the tournament also gives teams more leverage with sponsors.

Dortmund reported record full-year revenue of 536 million euros in November, boosted by sales of key players. Even after Thursday’s decline, the team’s share price is up about 39 percent over the past 12 months, partly aided by the sale of American midfielder Christian Pulisic to Chelsea for 64 million euros in January.

Dortmund wasn’t the only soccer team whose share price slid on Thursday. AFC Ajax fell as much as 2.7 percent after the team’s 2-1 home defeat to reigning tournament champions Real Madrid. Ajax stock recovered to be little changed as of 10:55 a.m. in Amsterdam.

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