At this time of the year, transfer rumours mean big money to the global football media, as well as sports betting houses.

But in the age of football clubs listed on the world’s biggest stock exchanges, transfer rumours can be a costly and unwanted influence.

Manchester United’s share price took a significant hit on Wednesday, dropping 9% on the New York Stock Exchange in just 24 hours.

A single share in the English champions could be purchased for $15.16 at close of trading on Wednesday, down by $1.53.

It is believed that rumours of United’s intention to lavish £17 million on Benfica defender Ezequiel Garay caused the stock market jitters.

The Red Devils have had their beady eye on 26-year-old Argentine international Garay for two seasons at least, and are said to have reached a deal to sign him.

According to Soccernet, financial website Benzigna says the financial outlay on Garay has not been met with happiness by the market.

Interestingly, while United’s stock price dropped by 9% because Garay could be signing for them, the price dropped by just 4.5% in the aftermath of Alex Ferguson’s retirement.

Is Garay a risky investment for Manchester United?