British soccer clubs were warned yesterday to tighten up on measures to deal with speculation surrounding player transfers that can affect their share price.
Britain's financial watchdog, the Financial Services Authority (FSA), has written to nine clubs listed on the stock market highlighting their need to act quickly over speculation.
This includes rumours such as those that preceded David Beckham's transfer in June from Manhcester United to Real Madrid and other moves during the close season transfer window.
The authority said it was reminding clubs they have the same obligations as other companies listed on the stock market to release any price-sensitive information as quickly as possible and prepare for any leak that might move their share price.
An FSA spokesman said it had looked at the speculation over Beckham's move and had decided not to take any action, but the amount of transfer talk during the current window, which ends on August 31st, had prompted the FSA to send clubs this reminder.
United accepted a near $40 million bid for the 28-year-old England captain from Real Madrid in June after Barcelona's new president Mr Joan Laporta had earlier agreed a fee for Beckham with the premier league champions.
The spokesman said the letter did not cover the takeover of Chelsea, where the FSA is running a separate enquiry.
"The UK Listing Authority recognises that at certain times of the year, particularly during open transfer windows, the likelihood of price sensitive developments increases, as does press speculation in relation to such developments," the FSA's director of listing, Mr Ken Rushton, wrote.
The FSA wrote to nine English clubs - Aston Villa, Leeds United, Manchester United, Newcastle United, Southampton, Sunderland and Tottenham Hotspur - plus Scottish clubs Celtic and Heart of Midlothian.
The FSA launched an enquiry in late July into shareholdings in Chelsea in the run-up to the London club's takeover by Russian billionaire Mr Roman Abramovich, saying publicly disclosed shareholdings may have been inaccurate and the stock market could have been misled about the "true ownership" of the club.
Shares in the club's parent company, Chelsea Village Plc, jumped 30 per cent prior to the announcement that the Russian had agreed to buy the club.
