SHARES UP BY 10%

Shares in the Premiership champions hit their highest levels for almost two years after rising 10% to 160.75p, giving the club a stock market value of more than £400m.

The rise was caused by rumours that an unnamed Russian billionaire was planning a bid. Both share price movements were unusually large for a sector of the market where prices can go days without showing big changes.

The new speculation about United is the latest chapter in the intrigue surrounding the ownership of the Premier League champions.
 

A 10% stake held by Irish horseracing tycoons JP McManus and John Magnier led to suggestions last year the pair might be considering a takeover of the club. But lately the talk has been that they want to sell their stake, which could give a platform to anyone else interested in bidding.

Last night, however, sources close to Manchester United indicated that, as far as they were aware, the 10% stake held by the Irishmen through the Cubic investment vehicle was not up for sale.

They also refuted suggestions of an approach from any Russian billionaire.

Oliver Houston, spokesman for SU, said that the club should not be sold solely for profit. At the time of the takeover bid he said:

"We think of Shareholders United as the natural guardians of Manchester United's 125-year history At the moment 99% of Manchester United's 35,000 shareholders are small investors but 75% of the club is held by the other 1%.”

"We have never thought that was a particularly healthy situation."