Manchester United's value rises by £120m following news of Jose Mourinho's departure

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Manchester United have officially unveiled former striker Ole Gunnar Solskjaer as their new caretaker manager for the remainder of the season.

The announcement came less than 24 hours after the club sent ripples through the footballing world in relieving Jose Mourinho of his managerial duties.

The news was expected. However, the timing of it wasn't. Many thought the club would simply embrace this season as a write-off and announce Jose's departure in the summer.

However, unlike Moyes and Van Gaal, Mourinho was axed less than halfway through the season.

The decision was met by relief from fans and players alike. Although, it appears the news has also had an adverse effect on the club's financial status.

According to Manchester Evening News, United's stock value rose by a whopping £120m after the news broke of Mourinho's sacking.

The club's share price on the New York Stock Exchange increased by 5% to $18.22 within the first hours of trading, adding $150m to its value.

Since August, United have lost more than a third of its total value, equalling around £800m. Last week, the club reported revenues of £135m in the first quarter, a 6.1 per cent decrease from the previous year.

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That season, United finished in second, behind a near-unstoppable Manchester City side.

However, after 17 games, United currently sit 19 points adrift of league leaders Liverpool following their 3-1 away defeat to the side last weekend.

News of Mourinho's departure emerged just two days later.

An official statement from the side read: "The club would like to thank Jose for his work during his time at Manchester United and wish him success in the future.

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"A new caretaker manager will be appointed until the end of the current season, while the club conducts a thorough recruitment process for a new, full-time manager."

Solskjaer's first game in charge will be a return to one of his former clubs. United visit Cardiff this weekend to take on the Bluebirds, a team the Norwegian once managed during the 2013/14 season.

Will Solskjaer's experience at United help him sturdy the ship? Or will his poor managerial record propel the club further into chaos? Let us know in the comments.

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