Manchester United shares drop dramatically with $82million wiped off in just hours

Ed Woodward

Manchester United's share prices dropped dramatically once again on Monday as faith in executive-vice chairman Ed Woodward and manager Louis van Gaal to halt the club's on-field slide continues to fade. 

Shares in Manchester United PLC started at $14.50 when the New York Stock Exchange opened at 9.30am, but within a matter of hours had fallen to $13.92.

That meant around $82MILLION was wiped off the club's overall value during the day as shares dropped over 2 per cent.

During the day, however, the shares rallied and were back at $14.27 by 4pm New York time.

Over the last three months, United's market value has suffered a spectacular decline - and as the club struggles to secure Champions League football, it shows no sign of abating.

After hitting $18.99 on November 12 2015, almost 20 per cent of the value has been wiped out in the months since.

That's helped drag United's value below $2.3billion and has seen almost $830million wiped off the club's value since the peak on November 12.

Woodward will address investors this Thursday over the release of the club's second quarter accounts for the season.

And with the club having crashed out of the Champions League already - as well as being out of the top four - it's likely to make for an uncomfortable afternoon, as he faces questions on the potential financial impact of United missing out on Europe's premier club competition for the second time in three years. 

...Mirror