The value of Manchester United's shares has been questioned.

The Telegraph reports United's shares are worth just $5, well below the $14 they floated at on Friday, according to a US research team.

The shares closed up 1.1pc at $14.15 on Monday after listing in New York well below initial estimates of a range of $16 to $20.

PrivCo, the Private Company Financial Data Authority, says Manchester United is suffering from the "Facebook effect", as investors fear that buying into consumer-led businesses could leave them with heavy losses.

"The 'Facebook effect' causes consumers to grow wary after suffering repeated losses on retail-investor targeted IPOs with unrealistic valuations," PrivCo said.

"Manchester IPO's overpricing by some 280pc had no reasonable economic basis, as companies and bankers counting on a 'retail investor put' in light of the team's large fanbase to place a floor under the stock's price failed to materialise."

The firm said a fair value for the shares is $4.97, valuing the company at $800m (£510m), far below the $3bn that the Glazer family, who own the club, were hoping for.