Shares in Manchester United fell 4 per cent after the club confirmed that chief executive Peter Kenyon was leaving to join Chelsea. Shares in the English champions dropped 8p to 170p as investors reacted with dismay to the surprise announcement. Kenyon, who is moving to Chelsea as part of Roman Abramovich's rebuilding of the club, will be replaced immediately by United managing director David Gill. City analysts said Kenyon, who oversaw United's transformation into a global brand, would be a loss to Old Trafford. The club sealed their ground-breaking �303million, 13-year deal with kit manufacturer Nike under his leadership. They also signed a �30million sponsorship agreement with Vodafone in 2000. In April this year, United announced sharply improved turnover and operating profits, up by 13 per cent and 32 per cent respectively. One City expert played down the fall in the share price, saying it was "just a reaction" to the surprising news. Recommending investors to buy the shares, Wise Speke analyst David Pope said United would be left in "very capable hands". New CEO Gill and finance director Nick Humby have significant experience and little would change, Pope said. He added: "There isn't anything that won't get done." Although United released a statement announcing the changes on Monday night, as a publicly limited company they are obliged to make an official announcement to the City. Shares in United reached a peak of more than 400p in 2000 when United were champions of Europe, league champions and FA Cup winners, but sank to less than 100p before staging a revival this year. ________________________________________________________________________ Want to chat instantly with your online friends? Get the FREE Yahoo! Messenger http://mail.messenger.yahoo.co.uk ------------------------ Yahoo! Groups Sponsor ---------------------~--> Buy Ink Cartridges or Refill Kits for Your HP, Epson, Canon or Lexmark Printer at Myinks.com. Free s/h on orders $50 or more to the US & Canada. http://www.c1tracking.com/l.asp?cid=5511 http://us.click.yahoo.com/l.m7sD/LIdGAA/qnsNAA/tsUolB/TM ---------------------------------------------------------------------~-> *************************************** Reply to: [EMAIL PROTECTED] Subscribe to the list: [EMAIL PROTECTED] Unsubscribe from the list: [EMAIL PROTECTED] Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
