Manchester United are facing an investigation by New York Stock Exchange authorities after news of David Moyes' sacking was apparently leaked a day before the Scot was officially sent packing.
The reported leak caused the share price to jump by seven per cent, which added $209 million to the clubs value.
The apparent leak will have upset investors, but could also result in a fine by the NYSE, as well as a further rap from the US Securities and Exchange Commission for allegedly briefing journalists before alerting shareholders.
After the shares jump, an analyst in the City of London said: “Listed companies legally have to inform shareholders first of any price-sensitive information. And clearly firing David Moyes is important enough to move the share price.”
Neither Manchester United nor the NYSE would comment on any potential investigation, though United were adamant that they have not acted contrary to Stock Exchange rules.
They could claim that since Moyes was not a director, a change in team management can be seen as an attempt to improve the business and deliver shareholder value. The shares closed at six per cent up.
[Sun]
