A major shareholder in Manchester United has slammed their "poor investments in players and personnel" after the club's stock price plummeted.
BAMCO, Inc - a subsidiary of Baron Funds - owns more than 13 million Class A shares in the Old Trafford club, worth around £173 million.
But they have seen the price of their investment drop on the New York Stock Exchange from more than $26 per share in September last year, to just under $16 in October 2019.
In a recent quarterly report to investors in August, as reported by MEN , Baron Funds said: "The stock price of Manchester United plc...has declined because of recent poor investments in players and personnel.
"We feel, however, the club's on field success will eventually improve and its loyal fans, whose allegiance goes back generations, will continue to support their team.
"The team is also taking steps to improve interaction with its supporters through digital experiences. Expiring contracts should be renewed at higher values, which will lead to increased profitability.
"We believe the company's private market value is probably 50-to-100 times higher than the price of its shares."