That new pastime for the middle classes - gambling on shares - may come back to haunt the droves of people who sunk money into Manchester United. The share price has been dropping ever since it appeared certain that the transfer system is under threat. As soon as FIFA admitted that there would be no defence against the demands of the European Commission, the share price fell to under 300 pence.

Promptly analysts at UBS Warburg corrected their price expectation from 500 to 335 pence. Their recommendation was no longer "strong buy" but "buy".

Changes in European law, which will abolish transfer fees, will mean that stars purchased for millions will become worthless. Luis Figo, acquired by Real Madrid for $56 million would be a case in point. In the case of English sides, UBS Warburg fear that clubs on the continent, which are largely controlled by companies and thus able to write off the loss against taxes, will lure players with increasingly high signing-on fees and salaries.

Incidentally, the share price at close of business on Wednesday was 228.5p.