Manchester United’s stock market value plunges by around £150million with share price taking a six per cent dive as plans for a new European Super League crumble
- United's share prices fell by more than six per cent on New York Stock Exchange
- The club's shares had sky-rocketed on Monday following Super League plans
- But they dropped back to similar levels as clubs began pulling out of the project
- Manchester City became first club to announce it was pulling out of the plans
- Chelsea are also reportedly set to pull out, as are Atletico Madrid and Barcelona
Manchester United's stock market value plunged by around £150million as plans for a European Super League crumbled.
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 Premier League side saw the price of its share price rocket after the announcement of the new breakaway league on Sunday. But shares dropped back down by £150m on Tuesday](https://i.dailymail.co.uk/1s/2021/04/20/22/42009612-9492989-image-a-2_1618955290087.jpg)
The Premier League side had seen the price of its share price sky-rocket by around the same value after the announcement of the new breakaway league. But shares returned to last week's levels today
![It also came as long-term chief Ed Woodward announced he would be stepping down from his role as executive vice-chairman](https://i.dailymail.co.uk/1s/2021/04/20/22/42004670-9492989-image-a-1_1618955287887.jpg)
It also came as long-term chief Ed Woodward announced he would be stepping down from his role as executive vice-chairman
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 this 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.
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'.
![Chelsea announced late last night that they would be pulling out of the widely-slated European Super League after days of fury from across the footballing world](https://i.dailymail.co.uk/1s/2021/04/20/22/42002558-9492989-Chelsea_are_tonight_reportedly_preparing_to_pull_out_of_the_wide-a-15_1618955446809.jpg)
Chelsea announced late last night that they would be pulling out of the widely-slated European Super League after days of fury from across the footballing world
![The news came as hundreds of Chelsea fans protested against the club's involvement in the £4.3billion breakaway plans, by chanting and holding banners outside Stamford Bridge](https://i.dailymail.co.uk/1s/2021/04/20/22/42002564-9492989-The_news_came_as_hundreds_of_Chelsea_fans_tonight_protested_agai-a-17_1618955446890.jpg)
The news came as hundreds of Chelsea fans protested against the club's involvement in the £4.3billion breakaway plans, by chanting and holding banners outside Stamford Bridge
![Fans blocked the Chelsea team coach's entry to the stadium, ahead of their Premier League clash against Brighton, sparking legend and current technical director Petr Cech (pictured) to get amongst the fans in a bid to appease them](https://i.dailymail.co.uk/1s/2021/04/20/22/42002562-9492989-Fans_blocked_the_Chelsea_team_coach_s_entry_to_the_stadium_ahead-a-22_1618955446927.jpg)
Fans blocked the Chelsea team coach's entry to the stadium, ahead of their Premier League clash against Brighton, sparking legend and current technical director Petr Cech (pictured) to get amongst the fans in a bid to appease them
The crumbling resolve of the architects came as Boris Johnson yesterday threatened to drop a 'legislative bomb' to stop it, telling the FA, Premier League, the PFA and fans and the Government will change the law to stop a small handful of billionaire owners creating a 'closed shop' destroying England's 132-year-old football pyramid.
The new league has no relegation and founding clubs have agreed to play in it for the next 23 years.
The clubs had hoped to share out a mutlibillion-pound bonanza through a ‘welcome bonus’ of up to £250million per club from the US investment banking giant JP Morgan Chase.
Dubbed the ‘Dirty Dozen’, the rebel clubs would have cashed in indefinitely because the ESL had no relegation. It would have undermined the Champions League and the Premier League, also denying money to lower-ranked clubs and grassroots teams.
Boris Johnson had indicated the Government would try to scupper the competition and described it last night as a ‘cartel’.
The breakaway was launched when the 12 members of the ESL released an explosive statement on Sunday night confirming the creation of ‘a format for top clubs and players to compete on a regular basis’.
The other ‘founding clubs’ which signed up were Italy’s AC Milan, Inter Milan and Juventus, and Spain’s Atletico Madrid, Barcelona and Real Madrid.
The clubs had hoped to launch the midweek tournament in August. There would have been a mechanism for a further five teams to qualify annually based on achievements in the prior season, making a total of 20.
The plans immediately sparked uproar from supporters, players, politicians and sporting bodies.
Prince William warned of the damage it could do to ‘the game we love’ and insisted the ‘values of competition and fairness’ in sport must be protected.
![Wealthy west London side Chelsea (pictured: Owner Roman Abramovich) are said to be preparing documentation to withdraw from the much-maligned new tournament, according to the BBC](https://i.dailymail.co.uk/1s/2021/04/20/22/42003722-9492989-Wealthy_west_London_side_Chelsea_pictured_Owner_Roman_Abramovich-a-19_1618955446910.jpg)
![Moments after the reports surfaced, it emerged that mega-rich Manchester City (pictured: Owner Sheikh Mansour) could also pull out, dealing a huge double blow to the breakaway competition.](https://i.dailymail.co.uk/1s/2021/04/20/22/42003726-9492989-Moments_after_the_reports_surfaced_it_emerged_that_mega_rich_Man-a-20_1618955446911.jpg)
Wealthy west London side Chelsea (pictured left: Owner Roman Abramovich) are said to be preparing documentation to withdraw from the much-maligned new tournament, according to the BBC. Moments after the reports surfaced, it emerged that mega-rich Manchester City (pictured right: Owner Sheikh Mansour) could also pull out, dealing a huge double blow to the breakaway competition.
![The Manchester club later confirmed its intention to withdraw in a short one-line statement, saying: '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'](https://i.dailymail.co.uk/1s/2021/04/20/22/42007208-9492989-The_Manchester_club_later_confirmed_its_intention_to_withdraw_in-a-26_1618955446971.jpg)
The Manchester club later confirmed its intention to withdraw in a short one-line statement, saying: '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'
![Liverpool players meanwhile revolted in a joint social media campaign condemning the proposals](https://i.dailymail.co.uk/1s/2021/04/20/22/42006330-9492989-Liverpool_players_meanwhile_revolted_in_a_joint_social_media_cam-a-35_1618955446993.jpg)
![Players including captain Jordan Henderson and James Milner tonight shared an identical post](https://i.dailymail.co.uk/1s/2021/04/20/22/42006352-9492989-Players_including_captain_Jordan_Henderson_and_James_Milner_toni-a-36_1618955447035.jpg)
Liverpool players meanwhile revolted in a joint social media campaign condemning the proposals. Players including captain Jordan Henderson and James Milner tonight shared an identical post with the words: 'We don't like it and we don't want it to happen.'
Comedian and presenter James Corden launched into a six-minute rant about the evils of the ESL on his Late Late Show in America.
The West Ham fan said: ‘I’m heartbroken by it, genuinely heartbroken by it. I’m heartbroken because the owners of these teams have displayed the worst kind of greed I’ve ever seen in sport.’
Former England captain David Beckham wrote on Instagram: ‘We need football to be for everyone. We need football to be fair and we need competitions based on merit. Unless we protect these values the game we love is in danger.’
Hours before last night’s announcements, Beckham’s former England teammate Alan Shearer predicted that some of the clubs involved would be considering their positions as a result of the condemnation.
The striker-turned-pundit said: ‘They have thrown a hand grenade, let’s throw one back and ban them.
'When you look at the reaction over the last 36 hours, common sense would tell you that these clubs will have to go away and think “Have we really done the right thing here?”.
‘Where are these owners? Why don’t they come out and face the media and tell us why they’ve done it, why they want a closed shop that no one else can get into?’
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