Man United’s stock market value plunges by around £150m

Manchester United’s stock market value plunged by around £150million as plans for a European Super League crumbled on Tuesday night.

The Premier League side had seen the price of its shares sky-rocket by around the same value after the announcement of the new breakaway league.

But as rumours swirled about club bosses getting cold feet over the big money plans, United’s share prices took a plunge.

Manchester City later became the first club to formally announce its intentions to withdraw, followed by United, Liverpool, Arsenal and Tottenham.

Chelsea, who played Brighton in the Premier League last night, were the last club to officially announce they would not be involved in the European Super League.

It came as long-term United chief Ed Woodward announced he would be stepping down from his role as executive vice-chairman.

Both announcements took place after the close of the New York Stock Exchange, on which United are listed.

However, ahead of the announcements, the club saw six per cent wiped off its share value yesterday.

Shares in United were worth around £11.60 ($16.17) on Friday, before the announcement of the £4.6billion plans for the breakaway league on Sunday.

The plans sparked a share price hike to £12.63 ($17.60) on Monday morning, with investors keen on a potential increase in revenue and a £250million welcome bonus for founding clubs such as United.

However share prices returned to £11.64 ($16.22) as of last night, as talk swirled about clubs potentially quitting the Super League less than 72 hours after it was announced.

Juventus – another founding member – saw their stock price rise by almost 19 per cent on the Milan stock exchange following Sunday’s announcement.

But their share price also took a dive last night dropping four per cent amid the confusion.

It comes as plans for a breakaway European Super League were left in tatters late last night as clubs began to walk away from the hated competition after a ferocious fan backlash.

Manchester City were the first of English football’s so-called ‘Big Six’ teams to announce they had asked to withdraw.

And Tottenham, Liverpool, Arsenal and United later announced they would also walk away from the plans.

Chelsea completed the English club walkout with a statement late last night – after the team had finished its game with Brighton.

At Manchester United – who are not one of the sides rumoured to be getting cold feet – executive vice-chairman Ed Woodward announced he was resigning.

And Liverpool players issued identical statements saying: ‘We don’t like it and we don’t want it to happen.’

City, Chelsea, United, Arsenal, Atletico, Barcelona, Liverpool, Spurs, Inter Milan, AC Milan, Juventus and Real Madrid had sparked outrage among much of the footballing world when they a released joint statement on Sunday backing the £4.6billion proposals.

But, less than 72 hours after the announcement was made, the plans crumbled through Tuesday evening. Manchester City’s statement read: ‘Manchester City Football Club can confirm that it has formally enacted the procedures to withdraw from the group developing plans for a European Super League.’

News of the sudden change-of-heart came as hundreds of Chelsea fans last night rallied against the club’s involvement in the breakaway plans in a rowdy protest outside Stamford Bridge.

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Fans blocked the Chelsea team coach’s entry to the stadium, ahead of their Premier League clash against Brighton, sparking club legend and current technical director Petr Cech to get among supporters in a bid to appease them.

Fans began loudly cheering when reports emerged that Chelsea were considering walking away from the proposals. The club later confirmed it would in a statement.

Earlier in the day, in a sign of uncertainty from within the City camp, boss Pep Guardiola criticised the plans, while United striker Marcus Rashford also took aim at the proposals, sharing the quote ‘football is nothing without fans’.