Manchester United pitch with Yankees

LONDON, England (CNN) -- Two of the biggest sports teams on the planet are about to announce a joint marketing deal potentially worth billions of dollars to the two clubs.

Manchester United and the New York Yankees are to unveil their plans for a strategic alliance at a hotel in Manhattan on Wednesday.

United issued a statement about the deal to the London Stock Exchange shortly after it opened and its shares leapt by nine percent within an hour.

Under the joint marketing deal a "superclub" will be formed with the UK soccer giant and the mammoth U.S. baseball team selling themselves to potential sponsors and TV networks for millions.

There will also be an exchange of merchandising -- with the clubs selling each other's souvenirs and kits.

David Beckham: United's star attraction

Manchester United, worth about $800 million (£550 million), are already the richest soccer club in the world with revenue that dwarfs the rest of the English Premiership and major continental European rivals like Barcelona, Real Madrid and Juventus.

United chief executive Peter Kenyon and Sir Bobby Charlton are in New York for the announcement that was expected to be made at 1530 GMT.

Kenyon spoke recently of United's desire to "break into the U.S. markets" and this deal makes that possible.

United have already made major inroads into the Far East market and are now going for the biggest market in the world.

When United and the Yankees join forces they will be able to negotiate television deals from a position of massive strength.

Derek Jeter: Star on and off the field

United will be joining a group that includes not only the Yankees, but also Stanley Cup ice hockey champions, the New Jersey Devils, and basketball's, New Jersey Nets.

United's wealth is far in excess of the Yankees, who are the are the wealthiest U.S. baseball team believed to be capitalised at around $584 million (£400 million).

The Yankees' wage bill last season was about $87 million (£60 million), with Derek Jeter set to become their highest earner on $17 million (£12 million) a year when he signs a new contract currently under agreement.

That dwarfs the pay packet of United skipper Roy Keane, who collects $75,000 (£52,000) a week.

There are comparisons between Jeter and United glamour boy David Beckham. Both move in showbusiness circles and both have high-profile partners.

Beckham's wife Victoria is a member of the Spice Girls and one of the country's leading fashion icons, while Jeter's girlfriend is the current Miss Universe.

The two clubs also have a firm grip on the major trophies in their respective sports. United, the 1999 European champions, are chasing their seventh English Premiership title in nine years. The Yankees have won three of the last four World Series, and in all a record 26.

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