Man United's 9% share drop: "Alex Ferguson reassured the market" (Bastien Drut)

Manchester United's (ENG, Premier League) share price dropped 9% at the New York Stock Exchange on the 12/06/2013. This occurred after a 4% decline following the announcement of manager Sir Alex Ferguson's retirement on the 08/05/2013. "The decline in the share price since the departure of Alex Ferguson is linked to the fact that he personified their business strategy," economist Bastien Drut told NTF.

Manchester United were bought in 2005 for £790m (€1.1bn at the time) by the American businessman Malcolm Glazer, who also owns the NFL's Tampa Bay Buccaneers (National Football League, American football). The operation was carried out by a ' leveraged buyout ' , that is to say the acquisition of another company using a significant amount of bonds or loans and the repayment of the buying company with the profit of the target company.

Therefore, the debt of the group increased and the shares were removed from the London Stock Exchange, where they had been listed since 1994. United decided to return to the stock exchange in New York in August 2012, in order "to raise funds and reduce its…