Shares of Manchester United jumped six percent Tuesday after the struggling Premier League giant sacked manager David Moyes just 10 months into the job.

Shares of the popular British football team, traded on the New York Stock Exchange, leaped in opening trade and rose to $19.18, before closing at $18.78, their best level since May 2, 2013.

The company announced Moyes's departure ahead of the market opening, a much-anticipated move after the club's poor showing this season.

Moyes was recruited to replace legendary manager Alex Ferguson last year, inheriting a team that had romped to the Premier League title -- United's 20th English League crown -- by 11 points.

But under Moyes, 50, United have slumped to seventh place in the league table and been eliminated from both domestic cup competitions and the Champions League.

The club's owners announced that veteran midfielder Ryan Giggs will serve as interim manager while they look for a permanent replacement.