Irish tycoons to score €100m in United sale

RACING tycoons John Magnier and JP McManus are in line for a €100 million payday from the sale of their shares in Manchester United after the club yesterday confirmed it had received a takeover bid.

The ‘Coolmore mafia’ are the club’s largest shareholders with a 29% stake, built up at the cost of around €200m. Based on United’s closing share price yesterday, their holding was valued at €300m, meaning a profit of €100m if the takeover goes ahead.

Although United would not disclose the name of the bidder, it is understood to be Malcolm Glazer, owner of the American football team Tampa Bay Buccaneers and the club’s second-largest shareholder. He has appointed financial advisers JP Morgan to hammer out details of an offer.