Manchester United shares boosted by arrival of new manager Jose Mourinho
Shares in Manchester United stepped up at the opening bell as investors welcomed the arrival of new manager Jose Mourinho.
The football giant - which is listed on the New York stock exchange - was up 1.3% to 17.2 US dollars (£11.75) at one stage, amid hopes the self-proclaimed "special one" could bring a new era of glory to the club.
The rally comes after the decorated Portuguese manager was appointed on a three-year deal on Friday, bringing to an end the two-year tenure of manager Louis van Gaal just days after the club won the FA Cup for the twelfth time.
The commercial power of the Manchester United brand has remained strong, despite a below-par performance on the football pitch compared to trophy-laden seasons of the past.
It announced at the beginning of the month that commercial revenues had surged 38% to £65.8 million in the third quarter, as it confirmed five new sponsorship deals.
It said retail, merchandising, apparel and product licensing revenue also rose by £16.8 million to £24.4 million, compared to the third quarter of last year.
However, failure to secure Champions League football last season is expected to put a hefty dent in its finances of around £30 million.