BSkyB have moved swiftly to sell off some of their shares in Manchester United after the Premier League rejected the club's request that the broadcasting company retain their 11.1 per cent shareholding at Old Trafford.

The League insisted that BSkyB, who also have a 9.9 per cent stake in Leeds and have agreed to buy 9.9 per cent in Manchester City, should reduce their stake in the Old Trafford club to below the required 10 per cent as soon as possible.

And last night United issued a statement after the stock market closed stating that BSkyB had sold 2.9 million shares, taking their ownership down to 9.99 per cent which is the maximum allowed.

United's shares were worth around £2 each at the close of the market last night.

BSkyB failed earlier this year in their attempts to buy the Old Trafford club after the deal was blocked by the Department of Trade and Industry.

Yesterday's decision by the Premier League followed a call from a group of United shareholders to stop BSkyB buying stakes in different clubs at the Treble winners' a.g.m. last Thursday.