BSKYB raised its stake in Manchester United yesterday by purchasing 5.3 million shares worth around £12 million sterling.

The satellite broadcaster now owns around 28.9 million of Manchester United's shares - just over 11 per cent of the club.

The moves comes hot on the heels of the latest moves by anti-BSkyB campaigners among the Premier League club's shareholders. The group of Manchester United shareholders yesterday called on City institutions to reject BSkyB's offer for the club.

BSkyB's current offer values the club at £623 million, but opponents say it is worth much more. Before the bid, research by stockbrokers Warburg Dillon Reed valued the club at £780 million.