Manchester United’s share price plummeted on Friday following the United Kingdom’s decision to leave the European Union.
The club is listed on the New York Stock Exchange but the value of shares dropped by more than three per cent when trading opened on Friday in the aftermath of the Brexit vote.
British citizens voted on Thursday by 52% to 48% in favour of a return of powers from the continent to the UK parliament in London.
United have been among a number of interested parties affected by financial instability on Friday as the world comes to terms with the decision.
A nosedive in the opening 30 minutes of trading took the share price down from $16.95 to $16.39 and while a rally later in the morning saw a period of stabilisation, the value again fell to $16.39 by the early afternoon.
United’s share value has not been so low since mid-May, when a 3-2 defeat to West Ham had all but confirmed their failure to qualify for the Champions League.
There was a rally following their subsequent FA Cup win and the appointment of Jose Mourinho as manager in place of Louis van Gaal but Brexit has troubled all British stocks as well as resulting in a sharp decline in the value of the pound.
The club’s share price had only recently returned to a reasonable level following a sharp drop in value after the loss to Wolfsburg which saw them exit the Champions League in December 2015, with the price of a share dropping as low as $13.33 in March following their Europa League elimination against Liverpool.
- Goal