Shares fall after football chief transfer
Shares in Manchester United have dropped after the surprise resignation of chief executive Peter Kenyon who heads to Chelsea.
Earlier, Manchester United confirmed to the London Stock Exchange that Kenyon is defecting to Premiership rivals Chelsea after three years as CEO.
He will be succeeded by David Gill, Man United's current managing director.
Kenyon was credited with making the decision to sell David Beckham to Real Madrid over the summer, while he received criticism from supporters over United's failure to land Brazilian star Ronaldinho.
His move to Chelsea follows a hectic summer of transfers in west London, with Russian businessman Roman Abramovich, who bought Chelsea earlier this summer, bringing in new signings at a cost of over £100m.
Manchester United plc chairman Sir Roy Gardner added: "We would like to thank Peter for his significant contribution to the success of Manchester United on and off the pitch in the last six years.
"David, as managing director, has also played a major role in that success, and we are delighted that his appointment will bring both experience and continuity to this position."
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