Just under 10 months ago, Ed Woodward spoke to investors on a Manchester United conference call. Woodward was speaking after United had lost 2-1 to Young Boys in the Champions League, but he was speaking just five games into the new season.
Ole Gunnar Solskjaer still had the unwavering support of the club, the good feeling around Old Trafford was tangible after the summer signings of Jadon Sancho, Raphael Varane and Cristiano Ronaldo, and United were expected to challenge for the Premier League title.
Ronaldo's return dominated headlines and the forward also dominated Woodward's conference call with investors. It was the first time Woodward had publicly spoken since Ronaldo's return and he clearly revelled in discussing the re-signing of the player. Ronaldo remains a marketing phenomenon and investors were keen to discuss the commercial opportunities his return would bring.
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Although Richard Arnold insisted it would be wrong to 'single out one player (Ronaldo) in terms of their impact' on the commercial side of the club, that's what the majority of the voices, which derived from the United States of America, wanted to ask questions about. Ronaldo was mentioned in the first two questions from investors and that set the tone for the rest of the call.
Ronaldo's return improved United on the pitch, and it was also benefiting those with shares. Around the time of the conference call, shares in Manchester United plc peaked at 20.74USD and it seemed Ronaldo's return was the Glazers' guaranteed ticket to profit.
Two-hundred-and-seventy days have passed since that conference call in September and the mood on the latest call with investors was hardly foreseen. Woodward has left the club, United have endured their worst season for decades and there will be no Champions League football next season. The Europa League music will play at Old Trafford instead and that will have consequences.
The obvious consequence is that United's position in the transfer market has weakened, but the club has also been weakened financially and confirmation of that arrived on Tuesday morning when the latest price from the stock market emerged.
By the close of play on June 13 shares in Manchester United plc were trading at just 11.07USD, which is an all-time low. There has also been a drop of 47 per cent in share value since October 2021.
Ronaldo's return wasn't enough to negate United's disastrous season and wider economic fears in the post-pandemic world.
However, last month's financial figures confirmed United will still be paying an £11m dividend to shareholders - mainly to the Glazers - despite losses of £27m for the quarter and £44m for the year to date. That news understandably angered supporters.
Ed Woodward infamously once said: "Playing performance doesn't really have a meaningful impact on what we can do on the commercial side of the business," and that seems true for the Glazers. They only seem to care about their dividends.
Although the Glazers will continue to pay paid their dividends regardless of the club's results, there's no denying that the club's value on the stock market will have caught their attention. The drop also means United's summer plans might have to change.
United plan to spend within their means this summer, but perhaps the all-time low share price will show the Glazers that they need to provide Erik ten Hag with a larger budget. An improved United on the pitch will reap greater commercial rewards in the future.
The share price dropping is the only language that the Glazers choose to understand. That language is currently telling them that the club is embroiled in turmoil and that means they might finally listen, although some would suggest that is wishful thinking.
The Glazers only care about profits and they might be forced into action by the stock exchange.
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