In the Red: Devilish 5% drop in share prices for Man United on Stock Exchange after Fergie retirement news
Manchester United shares dropped nearly 5 per cent in the first 10 minutes of trading on the New York Stock Exchange when it opened at 2.30pm this afternoon.
Shares were down 4.7 per cent to $17.88 after the news – which came overnight in America – that Sir Alex Ferguson was stepping down as manager of United after more than 26 years at Old Trafford.
The 71-year-old only told his players at the Carrington training ground this morning, five hours before trading in America was to begin.
The near 5 per cent dip is a ‘fairly sizeable fall’, according to one business expert, but not disaster territory. At one point the shares were down 5.5 per cent but have been recovering since.
Ferguson arrived at the club as normal at 6.50am, before hastily arranging three separate meetings with his first-team squad, his technical and coaching staff, and finally the rest of the staff at Carrington.
Shortly after the players arrived, he gathered the team together in the changing rooms and, in a short but heartfelt speech, announced he was to step down at the end of the season after landing his 13th Premier League trophy.
He told the players that he was sorry he had to break the news to them now and that he had been hoping to delay the announcement and do it under his own steam.
Ferguson then took his technical and coaching staff into a briefing room and spoke to them, before finally addressing all the rest of the staff in the canteen.
Story: apartly from DailyMail