MANCHESTER UNITED’S share price has dropped significantly since Russia invaded Ukraine.
That could partly be because of United’s sponsorship ties with Russian national airline Aeroflot.
Manchester United’s share price has dropped 36 per cent since October[/caption]
Aeroflot has been United’s official airline since 2013[/caption]
The club came under pressure to end the deal amid the invasion and United have now announced their withdrawal from the partnership.
A statement from the club reads: “In light of events in Ukraine, we have withdrawn Aeroflot’s sponsorship rights.
“We share the concerns of our fans around the world and extend our sympathies to those affected.”
But the drop has been accelerated by events Ukraine – and in two weeks has fallen by seven per cent, from $14.08 a share to $13.10 as of Thursday.
However, it is only the latest development in a long-term trend of decline.
Since October United’s share price has steadily dropped and it is now worth 36 per cent less than it was on September 27.
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On that day shares were valued at $20.50 but are now worth below the value it was first listed at on the New York Stock Exchange in 2012.
Halting the agreement with Aeroflot could allow United to put a stop to the share price decline.
The club has just a year left to run on the five-year deal with the Russian company.
Other clubs have swiftly cut ties to Russian businesses – Schalke removed Russian gas company Gazprom’s sponsorship from their shirts on Thursday.
United were even due to take an Aeroflot flight to Madrid this week to take on Atletico.
But Britain is freezing the UK assets of Russian titans in banking and arms manufacturing, sanctioning five more oligarchs and banning Aeroflot from its airspace, Prime Minister Boris Johnson has revealed.
And the club is now believed to be exploring other official airline partnerships – Qatar Airways is a possible alternative carrier.
Elsewhere, this year’s Champions League has been moved from Russian city St. Petersburg to Paris.
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