London: Embattled Manchester United manager Louis van Gaal suffered a fresh blow when the Premier League club’s share price dipped to its lowest level in over three years on Monday.
Wayne Rooney of Manchester United (centre) ahead of their Premier League match against Chelsea in London on Sunday. Pic/Getty Images
Van Gaal has been engaged in a battle to hold onto his job for much of a troubled season and that struggle was hardly helped by news that United’s share position isn’t much healthier than their league status.
United’s hopes of qualifying for the Champions League were dented when Chelsea striker Diego Costa scored to rescue a 1-1 draw against Van Gaal’s team, who are now six points adrift of the top four.
The possibility of failing to secure a place in Europe’s lucrative flagship tournament clearly concerned investors as United’s share price dropped from $14.50 (£10.05, 12.95 euros) to $13.86 on Monday.
That figure is the lowest price since December 2012, meaning not even during the darkest days of David Moyes’s reign had United’s shares been valued so lowly.
United’s share price dropped by 2.6 per cent in morning trading on the New York Stock Exchange before rising above the $14 mark again in the afternoon.
The club’s financial position remains strong, given their world record £750 million kit deal with Adidas, but United’s performances on the pitch and their league position are of clear concern to those who invest in the club.
Investors will get their chance to grill United executive vice-chairman Ed Woodward during a conference call on Thursday, when the club’s second-quarterly results of 2016 will also be announced.