Manchester United Plc is being investigated over the way it released news of the possible sale of its midfielder David Beckham, a spokesman for the company said yesterday.
English champions this season, the club announced on Tuesday via Britain's Press Association news agency that it had accepted a conditional offer for Beckham from Spanish club Barcelona, causing its share price to spike higher.
But the club did not match that press release with a formal statement through London Stock Exchange channels.
Part of the remit of Britain's Financial Services Authority (FSA) is to ensure developments that can influence a company's share prices are reported promptly direct to financial markets.
The Manchester United spokesman would not comment on the nature of the FSA's investigation.
Manchester United had made a previous announcement about Beckham via its website on Saturday, June 7th, in which it first confirmed that Italian and Spanish soccer clubs were interested in signing the 28-year-old player.
FSA rules state any price sensitive announcement made over a weekend should be formally reported when the market next opens and Manchester United made a statement to the stock exchange about the interest in Beckham shortly after the start of trading on Monday, June 9th.
On Saturday, the 28-year-old was awarded an OBE (Officer of the Order of the British Empire) for services to football by Queen Elizabeth. - (Reuters)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)