One of Manchester United's largest shareholders has criticised the club for 'poor investment in players and personnel' after the club's stock price dropped last month.
BAMCO, Inc - a subsidiary of Baron Funds - currently owns just over 13 million shares in United, which are said to be worth around £173 million.
However, they have failed to gain any returns on those shares in the last 12 months after the price on the New York Stock Exchange dropped from around $26 (£20) per share in September 2018 to just below $16 (£12) in October 2019.
One of Manchester United's largest shareholders has criticised the club for 'poor investment'
A poor year on and off the pitch has seen United's stock price drop by almost 40 per cent
In a recent quarterly report to their investors in August, the content of which were reported by Manchester Evening News, Baron Funds claimed the reduction in value was due to a series of poor investments.
The company 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.'
Baron Funds decided to invest in the club when shares in United first became available to purchase on the New York Stock Exchange in 2012.
United have been poor on and off the field in the last 12 months with a number of high-value assets failing to perform. The club sacked Jose Mourinho in December 2018 and replaced him with Ole Gunnar Solskjaer but things haven't drastically improved.
They missed out on the Champions League once again