Benzinga | Jun 16, 2021 10:58AM EDT

Why Did Cristiano Ronaldo, Paul Pogba Reject Coca-Cola And Heineken?

The Euro 2020 soccer tournament is underway and each of the 24 teams has completed at least one match. An injury to Christian Eriksen has been the big story of the tournament so far, followed closely by two advertisers of the tournament losing potential brand awareness.

What Happened: Before Cristiano Ronaldo played in the Portugal vs. Hungary matchup, the soccer superstar made headlines with his removal of several bottles of Coca-Cola Co (NYSE:KO) from the table at a media event before the match.

Ronaldo appeared to be stunned to see the carbonated beverage on the table and said "agua," the Portuguese word for water while holding up a water bottle.

Ronaldo is known for his focus on fitness and having a healthy diet.

French soccer star Paul Pogba had a similar move after his media appearance following his team's 1-0 win against Germany.

Pogba, a practicing Muslim, removed a bottle of Heineken N.V. (OTC:HEINY) from the table at a news conference.

Pogba converted to Islam in 2019 and told his followers in 2017 that he no longer consumes alcohol of any kind.

The Heineken bottle on the table was its non-alcoholic beer, according to reports.

Related Link: Euro 2020: How To Watch, Betting Preview, Picks To Win Golden Boot

Why It's Important: Shares of Coca-Cola fell 1.6% shortly after the news circulated on Ronaldo's move, causing shares of the beverage giant to lose $4 billion in its market cap.

Coca-Cola has been a sponsor of the Euro tournament since 1988 and is an official sponsor of the Euro 2020 tournament. Ronaldo's removal of the beverage cost the beverage giant time out of the camera frame that would have increased the brand awareness of the beverage company at the tournament.

The Ronaldo incident could be a lesson as Coca-Cola owns several water brands and could have featured those with Ronaldo instead.

"Everyone is entitled to their drink preferences," Coca-Cola said in a statement.

A Euro spokesperson said that all players are offered water, Coca-Cola and Coca-Cola Zero Sugar.

The moves by Ronaldo and Pogba could turn into marketing campaigns from both companies.

Ronaldo earned $70 million from off-field activities last year, more than his $50 million salary. He is a large endorser of brands and could be in the cross-hairs of Coca-Cola, rival PepsiCo, Inc. (NYSE:PEP) or perhaps a major water brand to capitalize on this Euro 2020 story.

Related LInk: 5 Things You Might Not Know About Soccer Legend Cristiano Ronaldo

Given that the Heineken beer was non-alcoholic, the company could launch a new campaign focused on the non-alcoholic version of its beer and its target audience.

(Photo: , CC BY-SA 3.0 GFDL, via Wikimedia Commons)