Shares in Manchester United rose sharply after the announcement that the club is set to sign a marketing deal with US baseball giants, the New York Yankees.

The Reds are expected to announce the deal later today.

But the 9 per cent rise from an opening price of 213.75 to 233.75 was short-lived. At 12:00 prices sat at 226.50 according to figures on the London Stock Exchange - below the initial rise.

United, already the richest club in the world, say that the deal will put them in a strong position to collectively sell their rights to sponsors and television networks.