Expectations that the club will spend up to £35 million on Leeds defender Rio Ferdinand has seen Manchester United’s share price plummet to a six-year low.

Shares in Manchester United have dropped 6% to 111.75p as investors fear the impact of a huge cash outlay on the club’s finances.

By contrast, Leeds United share price rose 7% to 7.5p as investors anticipated the boost the transfer cash would give to the club’s finances.

Shares in Manchester United have now sunk to a six-year low. Two years ago the shares were trading at over 400p but have plunged in recent months.

A deal to take the player to Manchester United is expected to cost the club at least œ30m, breaking the record œ28m it paid for Argentine midfielder Juan Sebastian Veron last year.