Manchester United's valuation has plummeted by £1bn in wake of the coronavirus crisis, according to a report.

The stock market has been in freefall due to the ongoing global pandemic that has forced the postponement of sporting events across the world, including the Premier League.

United are one of the clubs to have been hardest hit, with The Mirror reporting that their share price has taken a massive drop.

The Red Devils' new market valuation is said to be around the £2bn mark, compared to well over £3bn in December.

There have been persistent rumours of a possible takeover of United over the past 12 months, with the Saudi Arabia royal family believed to be interested in striking a deal with the club's Glazer family owners.