Manchester United's largest shareholders, BAMCO, Inc, have claimed that the reason for the club's recent stock slump is their poor transfer policy.
BAMCO owns almost a third of the Class A shares in Manchester United - which is roughly worth about $222m.
And now CCN report that according to their asset manager, the decline in the club's fortunes on the New York stock exchange is because of "recent poor investments in players and personnel."
Since the end of the Sir Alex Ferguson reign, United have been heavily scrutinised for their signings - with Fred being pointed to as one of the biggest flops in recent transfer history. He cost United over £50m and, so far, hasn't been a worthy investment.
Romelu Lukaku and Angel Di Maria have also been described as 'poor investments'. Lukaku was signed for almost £80m by Jose Mourinho but was shipped off by Ole Gunnar Solksjaer after only two years at the club.
This year has seen Manchester United's stock decline by 23% in just eight months from its yearly high in February. In a letter sent to BAMCO, Inc, this year the asset manager did express faith in the club, describing them as the "New York Yankees of soccer".
On the financial side and despite the stock slump, Manchester United recorded record levels for revenues.They revealed in September that revenues had come in at $781.3m with an operating profit of $62m.
This won't get any better though, as revenue will fall with United failing to qualify for the Champions League. The prize money for the Europa League is much less rewarding. This is worsened by the fact that they may struggle to even qualify for Europe at all via the Premier League this season.