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Manchester United have suffered a severe financial blow after it was revealed that the club has lost £1.3 billion over an eight-month period.
According to The Manchester Evening News, shares in the Red Devils dropped to a record low on Monday, June 13. By the close of play on that date, shares in Manchester United plc were trading at just $11.07, a drop of 47% since October 2021.
The latest share price represents a sharp decline from near the beginning of the most recent campaign, when shares were valued at $15.66 per share. The price was considerably higher then due to a strong start to the season, the promise of Champions League football and the return of global superstar Cristiano Ronaldo all contributing to a commercial boost.
While Manchester United's poor form on the pitch may be a contributing factor to the decline and will certainly cause concern among the club's hierarchy, it is thought that the drop in stock value is a reflection of the wider economic fears in the market.
Last month, it was revealed by The Manchester Evening News last month that the club's debt had risen once again by 11.8% from a year ago, with the figure now standing at £495.7million.
Manchester United director claims Erik ten Hag looking to bring "long-term success"
The 20-time champions of England suffered a miserable campaign last time out as interim boss Ralf Rangnick guided them to their lowest ever Premier League points total.
United missed out on Champions League football, but director John Murtough insists that new manager Erik ten Hag will be allowed to reshape the squad in his vision.
Murtough told a fans forum (as quoted by ESPN):
"Erik will aim to maximise the potential of existing players while building towards long-term success. The squad will be strengthened and renewed this summer and Erik will be a key voice in this process, together with the recruitment department to identify and secure targets. There remains huge potential in the existing squad and strong academy talent coming through."
United CEO Richard Arnold added:
"Suffice to say we are not happy with where we are in terms of performance on the pitch. We understand fans are frustrated and want to see change and improvement and I can assure you that we share that frustration very intensely within the club."
He further said:
"We also feel confidence that change is coming because of the action being taken to drive long-term success. The appointment of Erik ten Hag was the most visible example of that action and the most important. Success won't be achieved overnight but we are determined to get there."
