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

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...