Manchester United's stock market value skyrocketed by £180million following the unveiling of the European Super League.

The Red Devils are one of 12 founding members of the new continental competition, along with their fellow 'Big Six' Premier League sides.

The European Super League, financed by a £4.3billion investment from JPMorgan, has adopted an American style whereby its founding members cannot be relegated from the division.

It is expected to generate hugely lucrative television contracts and clubs will receive a 'welcome bonus' of up to €300million (£258m) for signing up, although they have risked the wrath of their domestic leagues and UEFA by doing so.

United executive vice-chairman Ed Woodward played a key role in setting up the breakaway division
United executive vice-chairman Ed Woodward played a key role in setting up the breakaway division

News of Manchester United's involvement in the breakaway league resulted in a sharp increase in share prices, with the club's stock market value rising by over $250million (£180m) less than 24 hours after the division was officially unveiled.

That marks a nine per cent increase in stock prices over the last day, while Juventus - another founding member - saw their stock price rise by almost 19 per cent.

United Co-Chairman Glazer has been appointed Vice-Chairman of the European Super League
United Co-Chairman Glazer has been appointed Vice-Chairman of the European Super League

Old Trafford chiefs cited "the instability in the existing European football economic model" as they explained their decision to form part of the breakaway league.

They also outlined their intention to create a "strategic vision and a sustainable commercial approach" in order to "enhance value and support for the benefit of the entire European football pyramid".

The joint statement published by the 12 founding clubs declared their new annual tournament "will provide significantly greater economic growth and support for European football".

And Joel Glazer, Co-Chairman of Manchester United and Vice-Chairman of the Super League said: "By bringing together the world’s greatest clubs and players to play each other throughout the season, the Super League will open a new chapter for European football, ensuring world-class competition and facilities, and increased financial support for the wider football pyramid."

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