Football - Shares recover after Fergie quits

News of Sir Alex Ferguson's retirement caused an initial dip in Manchester United's share price on the New York Stock Exchange On Wednesday, but by the close of trading it had bounced back.

PA Sport

From an opening price of 18.77 US dollars, the shares fell by as much as 4.5 per cent to under the 18-dollar mark and then revived significantly.

The value of a share at the close of trading was 18.44 dollars, 33 cents down - a 1.76 per cent drop - and still higher than the share price on Friday last week.

United's overall market value fell from 3.09 billion dollars (£1.98 billion) to 3.04 billion dollars (£1.95 billion) - a fall of 50 million dollars (£32 million).

The shares initially fell in New York amid fears over the impact that Ferguson's departure will have on the club.

The opening bell on Wall Street saw shares down by three per cent, driven lower by worries over whether the club can appoint the right replacement for the most successful manager in English football history.

His successor will be the key figure at a business laden with almost £370 million of debt and tightly controlled by its US majority owners, the Glazer family.

The club, which trades under the MANU ticker on Wall Street, announced his departure while US markets were closed, but shares slipped on opening as investors digested the impact of the 71-year-old's departure on one of sport's most successful franchises.

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