Manchester United share price suffers biggest drop in over a year
Manchester United's share price has suffered its biggest drop in over a year, with more than £300 million wiped off the club's value on the New York Stock Exchange (NYSE) prior to the opening of trading on Wednesday.
United, listed on the NYSE since August 2012, had been valued by Forbes.com as the most valuable team in world sport at $4.8 billion (£3.75bn) in August this year.
But the club's share price dropped 8.68 percent in trading on Tuesday, falling from an opening price of $19.92 a share to $18.19 at the end of the day.
The fall has taken the value of the club to its lowest level since October 2017, having hit an all-time of $27.70 less than three months ago.
While senior figures at United declined to comment on the price drop when contacted by ESPN FC, it is understood the club's owners, the Glazer family, are relaxed about the situation, with sources saying pointing out an overall market slump in recent months that has affected the valuation of businesses across the spectrum.
United's share price has dropped 14.5 percent during the past month's trading. By comparison, the value of Netflix has fallen 19.7 percent during the same period.
United released their latest quarterly accounts last week, with figures showing the club's wage bill has risen by more than 10 percent compared to the same period (three months to Sept. 30) a year ago.
United's revenue of £135m for the first quarter of the 2019 financial year was down from £143.7m, but executive vice-chairman Ed Woodward insisted on a call to investors that the club remains on course for record annual income.
"Our financial strength enables us to continue to attract and retain top players and to invest in our academy," Woodward said last week.