Manchester United's value has increased by almost £120m since Jose Mourinho was sacked.

The club gave the embattled manager the boot this morning after poor performances and rows with star players.

The move saw United's share price on the New York Stock Exchange rocket by around five per cent to $18.22 in the first hours of trading, adding $150 million to its overall value.

Shareholders will be relieved at the recovery.

Manchester United PLC has lost more than a third of its total value since August. That's $1bn or around £800,000.

At the start of the season its share price rocketed to a record high of $27.70 per share, valuing the club at $3.1billion.

In its latest financial results last week, United reported revenues of £135m for the first quarter, down 6.1 per cent on the previous year.

Mourinho was sacked 17 games into the Premier League season.

United lost 3-1 to Liverpool in the Premier League on Sunday and are 19 points adrift of the leaders and 11 points off the final Champions League qualifying spot.

United said in a statement: "Manchester United announces that manager Jose Mourinho has left the club with immediate effect.

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"The club would like to thank Jose for his work during his time at Manchester United and to wish him success in the future.

"A new caretaker manager will be appointed until the end of the current season, while the club conducts a thorough recruitment process for a new, full-time manager."

Former United star Ole Gunnar Solskjaer could be appointed as the club's new caretaker coach, until a permanent manager is appointed at the end of the season.

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