Manchester United's summer plan might change after Glazers' worst nightmare comes true

Just under 10 months ago, Ed Woodward spoke to investors on a Manchester United conference call. Woodward was speaking after United had lost 2-1 to Young Boys in the Champions League, but he was speaking just five games into the new season.

Ole Gunnar Solskjaer still had the unwavering support of the club, the good feeling around Old Trafford was tangible after the summer signings of Jadon Sancho, Raphael Varane and Cristiano Ronaldo, and United were expected to challenge for the Premier League title.

Ronaldo's return dominated headlines and the forward also dominated Woodward's conference call with investors. It was the first time Woodward had publicly spoken since Ronaldo's return and he clearly revelled in discussing the re-signing of the player. Ronaldo remains a marketing phenomenon and investors were keen to discuss the commercial opportunities his return would bring.

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Although Richard Arnold insisted it would be wrong to 'single out one player (Ronaldo) in terms of their impact' on the commercial side of the club, that's what the majority of the voices, which derived from the United States of America, wanted to ask questions about. Ronaldo was mentioned in the first two questions from investors and that set the tone for the rest of the call.

Ronaldo's return improved United on the pitch, and it was also benefiting those with shares. Around the time of the conference call, shares in Manchester United plc peaked at 20.74USD and it seemed Ronaldo's return was the Glazers' guaranteed ticket to profit.

Two-hundred-and-seventy days have passed since that conference call in September and the mood on the latest call with investors was