SHARE AND SHARE ALIKE

David Gill, chief executive of Manchester United, yesterday made a £560,000
profit on his share options in the football club after selling a tranche to new board director Jim O'Neill.

Mr O'Neill, head of global economic research at Goldman Sachs, paid £1.3m for
the 481,237 shares. Mr Gill was looking for a "friendly" buyer of the shares.

The club has been under siege from Malcolm Glazer, owner of the Tampa Bay
Buccaneers American football team, who has been buying any shares that come on to the market. Mr Glazer now speaks for some 28% of the Manchester United shares, and last month used his muscle to oust three directors from the board. Mr Gill wanted to ensure that his shares did not fall into the American's hands.

Mr Gill, however, has faced accusations that by selling now he is cashing in on
the price rise caused by takeover speculation.

The club refused to comment yesterday or explain the reason for Mr Gill's
decision to sell the shares, which became his through a performance share
option plan. Mr Gill still has a stake worth £460,000.

Mr O'Neill now holds 1.7m ordinary shares, worth £4.5m. The City figure and life-long Man United fan was appointed to the board after Mr Glazer forced the
departure of non-executives Philip Yea and Maurice Watkins and commercial
director Andy Anson. He is a friend of Sir Alex Ferguson, the Man United
manager, as well as the Irish tycoons JP McManus and John Magnier, whose
Cubic Expression investment vehicle owns 29% of the club.

Mr Glazer's aggressive action prompted his financial backer, JP Morgan, which
arranged up to £600m to fund his bid, to walk away, taking Mr Glazer's public
relations advisers Brunswick with it. The American is yet to find new backers, and the club's fans are determined to lock him out.

Mr O'Neill's friendship with the Man United manager has led some to question his status as an "independent non-executive director". Others have seen his
appointment as a masterstroke, as it stops Goldman Sachs financing Mr Glazer.