Fergie factor: Man Utd shares drop 5% after Sir Alex's shock retirement

Shares in Manchester United have fallen at the start of US trading after it was announced manager Sir Alex Ferguson is to bring an end to his 26-year reign at the club at the end of this season.

In a surprise announcement Ferguson - the most successful manager of an English team in history - said he will leave the club later this year. The Scot, 71, has won 38 trophies during his time at Old Trafford and will now become a director and ambassador for the club. In response, shares in Manchester United dropped 5.2% in early trading to stand at $17.79 apiece, before recovering slightly to trade down 3.2% at $18.18. That remains above the company's IPO price of $14, the club having listed on the New York Stock Exchange last August. Though a dual share structure means the clu...