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Manchester United suffer biggest share price drop as 300 million Euros is wiped off value in New York Stock Exchange
- Updated: November 22, 2018
Nothing is going in favor of one of the most popular and decorated clubs, as Manchester United’s share took a record hit and registered its biggest drop in over a year. A record 300 million Euros were wiped off the New York Stock Exchange prior to stock’s opening 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. The club’s market valuation dropped by a reported 8.68 percent on Tuesday.
The decline in share market was attributed to United’s shorter pre-season tour and playing fewer games at Old Trafford at the start of the season when compared to last. While senior figures at United declined to comment on the price drop when contacted by ESPN FC, United’s top brass have said the Glazers family are relaxed about the situation at the club. They have put the slump down to the market rather than results affecting their value away from the football pitch.
United’s revenue of £135 million for the first quarter of the 2019 financial year was down from £143.7 million, but executive vice-chairman Ed Woodward insisted on to call on the 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.
On the field, Manchester United are languishing on the eighth spot after 12 games. They lost 6 games in the starting half with the latest defeat coming from rivals Manchester City before the international break.