Coca-Cola's market shares value fell by in the region of $4 billion, following Cristiano Ronaldo’s removal of two Coca-Cola bottles during a press conference in Budapest on Monday, ahead of his country’s Group F game against Hungary.
The 36-year old, Portugal captain snubbed two bottles of the carbonated soft drink before declaring in Portuguese "Agua!" ("Water!") into the microphone.
On 5 September 2019, UEFA and Coca-Cola first announced a deal to confirm the beverage manufacturer as the official non-alcoholic beverage sponsor for UEFA EURO 2020.
The drinks giant said in a statement that the sponsorship deal will give the company the opportunity to showcase several brands, including sparkling beverages, sports drinks, water, ready-to-drink coffee and fruit-based drinks, with low, and sugar-free options.
“We value Coca-Cola’s continued commitment to European national team football, which is into its fourth decade, in coming onboard as a sponsor for UEFA EURO 2020,” said Guy-Laurent Epstein, marketing director of UEFA Events SA at the time of the announcement.
“Coca-Cola is a perfect partner for us, not only because of its long association with UEFA, but also because of its ability to unite people and bring them together. This is particularly relevant for UEFA EURO 2020, as for the first time, we are staging the tournament across 12 countries, which will allow more fans than ever to watch top-level football across the continent,” he added.
According to the statement, Coca-Cola said it has 'enjoyed a long and fruitful partnership with UEFA, having first signed up to sponsor UEFA European football’s premier national team tournament in 1988'.
Euro 2020, kicked off on Friday 11 June and will take place in 12 host cities across Europe: Amsterdam, Baku, Bilbao, Bucharest, Budapest, Copenhagen, Dublin, Glasgow, London, Munich, Rome and Saint Petersburg.