Manchester United higher as Irish investors up stake

Shares in Manchester United are higher in early trading on the back of Friday's news that Irish millionaires JP McManus and John Magnier have increased their stake.

At 8.37 am Manchester United shares were up 5p, or 3.3%, at 126.

A Friday evening statement from Manchester United revealed that McManus and Magnier's Cubic Expression Company has increased its holding by 1.88% to 22.47 million shares or 8.65%

Cubic Expression is the club's second largest shareholder after British Sky Broadcasting Group with 9.99%.

Manchester United's share price has come off a 2000 high of 412½p amid speculation that McManus and Magnier could move to take the club private next year.

Last week Manchester United managing director David Gill said no meetings have yet been held with McManus and Magnier because the company had been in a closed period.

But he said now that the full-year results had been published, the directors would be happy to meet them on their request.