Irish duo increase stake in Manchester United to 25.5%

THE prospect of Manchester United, the much-loved and much-hated football club, coming under Irish control moved closer yesterday.

Cubic Expression, the investment vehicle owned by horseracing duo John Magnier and JP McManus, told the London stock exchange it had added to its 24.2% stake in the club by buying over three million shares.

Cubic Expression’s 25.5% shareholding is now valued at over stg£170 million (€243 million).

The club has been at the centre of takeover rumours since last October, when satellite broadcaster BSkyB, which is controlled by Rupert Murdoch’s News Interantional, off-loaded its 9.9% stake to the Irish pair.

American businessman Malcolm Glazer, who owns the Tampa Bay Buccaneers American football team, later added to the takeover speculation when he upped his stake from less than 9% to 14.3% last month.

The speculation has been good news for United fans with shares in the club.

The club’s share price gained 3p to reach stg£2.58 before retreating to stg£2.55, comfortably ahead of the stg£1 mark, where it began 2003.

Under stock exchange rules, any shareholder that builds up a stake of 30% or more in a company is obliged to make a formal offer to buy out the interests of other shareholders.

Neither Mr Magnier nor Mr McManus has made any public comment on Cubic Expression’s future plans regarding United.

United manager Alex Ferguson will keep a particularly close eye on yesterday’s development. He is currently involved in a dispute with Mr Magnier over rights to income from racehorse Rock of Gibraltar.