Manchester United plc saw millions of pounds wiped its market value after exiting the European Champions League.
Its shares fell 4 per cent in early trading after last night's defeat by Bayern Munich, reducing the club's market value by £17 million sterling to £445 million.At 11.45 a.m., the price had recovered slightly to 175 pence, down 3 pence or 1.7 per cent.
Football analyst Nigel Hawkins, at stockbroker Williams de Broe, said the team's failure to make it through to the semi-finals means the club will lose millions of pounds in television revenue.
But he said the club is still the strongest in the UK and the defeat is unlikely to have a long-term impact on their share price.
Mr Hawkins said: "They are certain to qualify next year as Premier League champions but they do miss out this year on revenue from television for the semi-final and, possibly, the final.
He said the club is still "immensely strong" and will be looking at collecting about £30 million next year through a television revenues from BSkyB and pay-per-view.
PA