SHARES in Manchester United fell nearly 3 per cent yesterday as the City regulator made the unusual move of publicly confirming it had launched an investigation into the Premier League football club.

The Financial Services Authority (FSA) said it was “conducting preliminary inquiries” after the club discussed the possible sale of David Beckham in the media last week before telling the Stock Exchange. The FSA normally does not comment on specific inquiries.

Yesterday, shares in the club fell to 148p, although analysts said this probably had more to do with uncertainty over the future of the club’s star midfielder than the FSA investigation.

The world’s richest football club told reporters on Tuesday it would accept an offer from Barcelona FC for Mr Beckham, who is also the England captain, in a deal estimated at about £30 million. Manchester United shares rose by 4.6 per cent to 158p, their highest level in a year, on the news.

The share price rise did not escape the attention of the FSA, which wrote to the club late last week demanding to know why the club did not inform the Stock Exchange that it was preparing to sell its most valuable player.

Part of the FSA’s remit is to ensure that developments which can move a company’s share price are reported promptly to financial markets. The club declined to comment on the nature of the inquiry.

This is not the first time the club has attracted the attention of the FSA. In 2001, Peter Kenyon, chief executive, told the media about a marketing deal between Manchester United and the New York Yankees baseball team. The club’s share value rose by almost £50 million before it released a statement to the Stock Exchange.

On June 7, Manchester United confirmed on its website that Italian and Spanish clubs were interested in signing Mr Beckham. The club matched the release with an announcement to the Stock Exchange at the beginning of trading the following Monday.