Turmoil in global stock markets, combined with poor form on the pitch, has wiped $500 million (£345 million) off Manchester United’s value this year.
The football club's New York-listed shares have slumped 18.5 per cent from $17.88 at the end of 2015 to $14.52, dragging United’s value to below $2.4 billion (£1.6 billion).
Fans have turned against manager Louis van Gaal for their side’s poor run of results which threatens the team’s qualification for the Champions League.
Reports suggest the club is in talks with former Chelsea manager Jose Mourinho to replace van Gaal, who has spent more than $500 million on new players since arriving in 2014.
The Champions League exit in December is estimated to have cost United £9 million, but it is expected to claw back £3 million from making the Europa League knockout stages.
Manchester United’s American owners the Glazers floated a small part of the club on the New York Stock Exchange in 2012, raising $234 million to pay off some of the club’s huge debt. They still own 90 per cent of the club.
Despite its struggles, the Manchester United brand continues to attract major investment. Yesterday, the club signed a deal with 20th Century Fox to let the US studio promote its films, including Deadpool and X Men: Apocalypse, during home games at Old Trafford.
Rivals Manchester City were valued at $3 billion (£2 billion) in December when they sold a 13 per cent stake to Chinese investors for £265 million.