English soccer club Manchester United PLC (NYSE:MANU) has fired boss Jose Mourinho after enduring the team’s worst start to a season in almost thirty years.
Since the latest season began at the end of August, the Red Devils’ share price has fallen by almost a third, wiping US$1bn from the club’s market value.
United shares dropped in Monday morning trading, but rose about 6% to US$18.37 by the afternoon. Its share price was above US$25 only a few months ago.
READ: MUFC's earnings slide in Q1
Last month, the club, one of the most valuable in the world, also reported a fall in first-quarter earnings and revenue.
Mourinho’s sacking comes after weeks of speculation amid a series of poor performances, rows with star players and public run-ins with the board.
It appears Manchester United’s owners, the Glazer family, have had enough, with the club stating: “Manchester United announces that manager Jose Mourinho has left the club with immediate effect.
“The club would like to thank Jose for his work during his time at Manchester United and to wish him success in the future.”
An interim replacement, possibly first-team coach Michael Carrick, is expected to take the club through to the end of the season when a permanent successor will be named.
Mourinho’s last game as United manager was against the club’s fierce rivals, Liverpool, a match in which they slumped to a 3-1 loss.
That was the fifth defeat of the season and leaves Manchester United sixth in the league, 11 points ff the lucrative Champions League places, and 19 points behind leaders Liverpool.