Juventus part ways with Cristiano Ronaldo after underwhelming end to promising partnership


Richard Jolly
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The happy homecoming will follow the anticlimactic exit. Cristiano Ronaldo will receive a rapturous reception when he returns to Manchester United. Juventus bade him an unsentimental farewell. The Portuguese’s 134th and last game for the bianconeri was a cameo against Udinese in which he was booked and Juventus lost a lead. Manager Massimiliano Allegri confirmed Ronaldo wanted to leave.

Era-defining players can overshadow everything, appearing bigger even than historic outfits, but Allegri underlined the significance of the great Italian institutional club. "Things change, it's a law of life,” he said last week. “Juventus remains, which is the most important thing. Cristiano gave his contribution, he made himself available, now he leaves and life goes on.”

There has been a feeling that Allegri was happy for Ronaldo to go, but if he sounded ambivalent about an all-time great, it is understandable. Ronaldo was a remarkable success in Turin in one respect, a failure in another.

The Portuguese leaves as Serie A’s reigning capocannoniere, becoming the only player to top-score in England, Spain and Italy, the first to win every major trophy in each and alone in registering a century of goals for a club in all three.

Even as Romelu Lukaku was named the division’s player of the year, Ronaldo still outscored him. He can feel an ageless phenomenon: the oldest player to score 30 times in a Serie A season, the man who got more goals in a campaign for Juventus than anyone else.

And yet Juventus declined on Ronaldo’s watch: more in spite of him, but perhaps partly because of him. He joined a club who had won seven consecutive Scudetti and fired them to two more, but they finished fourth last season, 13 points behind Lukaku’s Inter.

He was not responsible for two strange managerial appointments, as they bored of domestic domination under Allegri, and while they became champions again under Maurizio Sarri, he was a mismatch with Juve. Giving the reins to the rookie Andrea Pirlo backfired as Juventus lost their crown.

The sense was that they had grander aims to pursue. Ronaldo was the quintuple Champions League winner hired to rectify Juventus’ record of underachievement in the most prestigious European competition. Yet Allegri’s record of reaching two finals – and losing only to Lionel Messi’s Barcelona and Ronaldo’s Real Madrid – was admirable.

Juventus relapsed with Ronaldo, going out not to the current superpowers but the second-tier clubs at earlier stages: Ajax in the quarter-finals in 2019, Lyon and Porto in the last 16 thereafter.

Ronaldo scored all four of Juventus’ goals against Ajax and Lyon: in one respect, he was blameless, and Lyon manager Rudi Garcia described him as “extra-terrestrial” after an extraordinary long-range strike, but as a star vehicle, Juve felt a lesser team. By this year’s exit, it was Federico Chiesa producing the doomed heroics.

Ronaldo leaves Juventus with 14 Champions League goals, one fewer than he got in his last season at Real alone. He joined as Serie A’s record signing and goes for a fifth of the fee.

Juventus have had to write off 80 per cent of that €100m transfer fee, as well as paying him the biggest salary in their history. They got commercial benefits in return, as well as a bigger place in the global spotlight. Despite those 101 goals, it was still a slight return on a huge investment.

While the balance of power may have shifted when they sold Zinedine Zidane to Real in 2001, taking Ronaldo in the opposite direction did not restore them to their previous pre-eminence. But without their statement signing, maybe Allegri can restore some of the principles that had stood them in good stead.

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How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

Updated: August 30, 2021, 12:43 PM`