Manchester United, the iconic English soccer club, saw a decline in its shares on Wednesday. The club revised its revenue guidance for 2024 due to its early exit from the Champions League and the resulting impact on broadcasting revenues.

In December, Manchester United exited the Champions League at the group stage following a 1-0 defeat by Bayern Munich at their home stadium, Old Trafford. The club's last victory in the Champions League was in 2008.

Shares of Manchester United Ltd. (MANU) dropped 5.8% on Wednesday, marking the largest single-day percentage decline since October 16, 2023, when it fell by 10.4%.

In its fiscal first-quarter report released earlier on Wednesday, Manchester United now forecasts revenue for 2024 to be between £635 million ($803.7 million) and £665 million ($841.7 million), down from its previous guidance of £650 million ($822.8 million) to £680 million ($860.7 million). The club has also adjusted its EBITDA guidance, expecting it to range between £125 million ($158.2 million) and £150 million ($189.9 million), as opposed to the previous forecast of £140 million ($177.2 million) to £165 million ($208.8 million).

Over the past 52 weeks, the club's stock has experienced a decline of 12.9%, while the S&P 500 index has seen a gain of 20.7%.

Manchester United's Stock Rises as Jim Ratcliffe Secures 25% Stake

Manchester United's stock saw a significant increase after British billionaire Sir Jim Ratcliffe acquired a 25% minority stake in the club. Ratcliffe, who serves as the CEO of chemical conglomerate Ineos Group, has expressed his commitment to elevating the club back to the pinnacle of soccer.

Fan Frustration and Ownership Pressure

The American Glazer family, who are the majority owners of Manchester United, have faced mounting pressure to sell the club due to ongoing fan frustration over perceived underperformance. Once a dominant force in world football, Manchester United last secured the Premier League title back in 2013. In addition, the Glazers faced severe backlash from fans in 2021 due to their involvement in the controversial European Super League.

The Current Landscape

Presently, Manchester United holds the seventh position in the Premier League standings. In their most recent match against Tottenham Hotspur, the teams ended in a 2-2 draw. The upcoming game for Manchester United is scheduled for January 28th against Newport County in the fourth round of the F.A. Cup.

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