Manchester United’s share price has dropped by $1billion due to the coronavirus outbreak, according to a report.
The Red Devils are one on the world’s richest clubs, but their value has been chopped dramatically after stocks in the club suffered a major slump on the New York Stock Exchange, reports the Daily Express.
They report the stock market crash saw United’s share price tumble to just over $12 a share on Monday, having been in excess of $20 a month ago.
Furthermore, United had a market value of over $3bn just after Christmas but now, in the wake of the current crisis threatening the world, they’re valued at $2bn instead – a loss of €1bn – and the equivalent of £826million!
The global coronavirus pandemic – which has forced all football in this country to be shelved until April 3 at the earliest and on Tuesday saw Euro 2020 moved to next summer – has hit the stock market hard. But it seems it has hit United harder than most.
What that will mean for United – and the Glazers– over the long-term remains to be seen, but with the club reportedly being eyed by a Saudi Arabian consortium, it seems the Red Devils’ US owners may have to re-think their reported £3bn asking price.
In the more immediate short-term, the news could affect the club’s transfer plans for the summer market, with four players reportedly targeted in a major £240m splurge.
The English game, like most of Europe, has suspended all football until April 3 at the earliest due to the outbreak, which has, at the time of writing, killed 55 people so far in the UK.
And while there is no outline as to what would happen were the English game be ended now due to the outbreak, a report in the Daily Telegraph claimed senior club executives at the Premier League say there would be no issue declaring Liverpool as champions in a decision that could also see the Premier League extended to 22 teams to accommodate Leeds and West Brom, who currently top the Championship.
However, talk the season could be declared “null and void” were first brought to the public’s attention by Karren Brady.
And with there being no guarantee football will be able to resume on April 3, as originally proposed, West Ham vice-chairman Brady has opposed that view and says the entire season could be declared void, meaning Liverpool’s efforts all count for nothing.