BSkyB told: 'cut stake'

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The Independent Online

The Premier League yesterday turned down Manchester United's request that BSkyB be allowed to retain an 11.1 per cent shareholding in the club. The Rupert Murdoch-controlled television group immediately cut its stake by 1.13 percent to 9.99 following the ruling.

The Premier League yesterday turned down Manchester United's request that BSkyB be allowed to retain an 11.1 per cent shareholding in the club. The Rupert Murdoch-controlled television group immediately cut its stake by 1.13 percent to 9.99 following the ruling.

The Premier League's chief executive Richard Scudamore said: "The Board of the FA Premier League... considered BSkyB's shareholding in Manchester United in light of their 9.9 per cent stake in Leeds United and the provisions contained in the Premier League's rules on interests held in more than one club. We are firmly of the view that BSkyB should not continue to hold an 11.1 per cent stake in Manchester United. [Both parties] have responded positively and we understand steps have been taken to bring the position into line with Premier League policy."

As well as their shareholdings in United and Leeds, the company are buying a 9.9 per cent stake in Manchester City.

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