Manchester United shares rise after Jose Mourinho’s sack

Manchester United shares has risen after the Premier League club sacked manager Jose Mourinho, an indication investors welcomed the move after a dismal start to the season.

Manchester United’s New York-listed shares (NYSE) were up 4.2 percent by 1500 GMT, their first gain in a week, and had traded 20 percent of their average daily volume in just 45 minutes.

Mourinho’s relationship with Manchester United reached the point of irretrievable breakdown a long time ago but the club finally served the divorce papers on Tuesday following one humiliation too many.

The stock’s Frankfurt listing – which is secondary, and less widely traded – had climbed 1.4 percent earlier in low volumes after extending gains following the news.

The decision to sack Mourinho, which will cost more than £18m, has been taken in the long-term interests of United with a view that the club is bigger than any one individual.

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A club statement said: “Manchester United announces that manager Jose Mourinho has left the club with immediate effect.

“The club would like to thank Jose for his work during his time at Manchester United and to wish him success in the future.

“A new caretaker manager will be appointed until the end of the current season, while the club conducts a thorough recruitment process for a new, full-time manager.”