United report shares movement

Manchester United today announced a significant number of their plc’s shares have been traded.

The Old Trafford club announced to the Stock Exchange this morning that Legal & General Group “and/or its subsidiaries” have acquired over eight million shares, a stake of 3.11%.

United have been beset by takeover rumours in recent months with the likes of racing tycoons John Magnier and JP McManus and American football supremo Malcolm Glazer increasing their stakes.

Further movement of shares, especially in the light of a row between McManus and Magnier, and manager Sir Alex Ferguson over racehorse Rock of Gibraltar, is likely to heighten that talk.

United’s share price rose markedly immediately before and after the announcement.