Over the course of the last month Manchester United's performances on the pitch have dipped considerably, with losses to Everton, Newcastle and Tottenham at Old Trafford.
And those poor performances are now reflected in their stock valuation, with the price of a Manchester United share dropping from £10.68 to £9.34 between December 6 and January 4.
That means the club, which was worth £1.75bn a month ago, is now worth £1.53bn.
The stock price has been in decline since the beginning of the season, despite a small rally in November following impressive quarterly figures.
The club forecasted revenue for the year at £420m-£430m after revealing a 29.1 per cent rise over the first three months of the year.
But that prediction is based on reaching the Champions League quarter-finals and finishing in the top three in the Premier League this season.
David Moyes's side look on course to achieve the first objective following a kind last-16 draw against Greek side Olympiakos. But United face a real battle even to qualify for next year's Champions League.
They currently sit seventh in the Premier League table, five points behind fourth placed Liverpool.
And with six losses already this campaign, they've suffered more defeats than they did in the entire season last term when they won the title by 11 points.