Manchester United's value drops by £300m as share price plummets
The sharp fall by 8.68 per cent on Tuesday is understood to be part of a wider market decline
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Your support makes all the difference.Manchester United’s share price has suffered its biggest fall in over a year, with more than £300million wiped off the club’s value on the New York Stock Exchange.
The club’s share price dropped 8.68 per cent on Tuesday, from $19.92 a share at the start of the day to $18.19 at the end, its lowest point since October 2018.
United’s shares reached their highest-ever price of $27.70 in August. The downturn in the months since is understood to be due to a volatile market and part of a wider decline in similar stocks.
Over the past month, the club’s share price has fallen by 14.5 per cent. By comparison, the Formula One Group’s price fell by 14.4 per cent in the same period, while Netflix saw a 19.7 per cent drop.
United announced their latest financial results last week, reporting revenues of £135m for the first quarter, down by 6.1 per cent on the previous year.
The decline 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.
The club’s gross debt figure stands at £492m, more than 13 years on from the Glazer family’s leveraged buy-out of the club for a debt of £525m.
Ed Woodward, United’s executive vice-chairman, hailed the club’s “financial strength” upon the release of the financial results last week.
“We remain on track to deliver our record full-year revenue guidance, underpinning our long-term, strategic plan to create sustainable growth across all areas of the club,” he said.
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