Luka Jovic
Luka Jovic. Photographer: Arne Dedert/dpa via AP Photo

Real Madrid’s first big signing of the summer, Luka Jovic, has lifted the shares of Benfica, one of the striker’s former clubs. But investors in the Portuguese team may wish it had held onto the player for longer.

Benfica’s stock has risen 14% since Madrid announced the purchase of Jovic, 21, from Eintracht Frankfurt on Tuesday amid speculation that the club will receive a share of the reported 60-million-euro ($67 million) fee.

Portuguese club's shares gain as former player Jovic moves to Madrid

The Serb was officially a Benfica player until just seven weeks ago when Frankfurt exercised an option to buy the player following an impressive two-year loan spell. The contract clause reported by Forbes in February meant Frankfurt only paid 7 million euros.

A spokesman for Benfica declined to comment and Eintracht Frankfurt didn’t respond to a request for comment.

Jovic scored 29 goals out of a total of 55 games for Frankfurt, Serbia and Serbia’s under-21 team during the 2018/19 season, according to UEFA.

— With assistance by Joao Lima