Shares of Manchester United wiped more than £300 million ($384 million) in value before the opening of trading on Wednesday.

The club's share price dropped 8.68 percent in trading on Tuesday, falling from an opening price of $19.92 a share to $18.19 at the end of the day.

United had been valued by Forbes.com as the most valuable team in world sport at $4.8 billion (£3.75bn) in August this year.

United's share price has dropped 14.5 percent during the past month's trading. By comparison, the value of Netflix has fallen 19.7 percent during the same period.