Manchester United chief executive dismisses takeover talk

Manchester United chief executive Peter Kenyon does not believe John Magnier and J P McManus are planning a takeover bid for the club.

The Irish businessmen have been tipped to make a takeover bid since their company, Cubic Expression, bought a 6.8% stake in the club.

Their acquisition makes them United's second-largest shareholder behind BSkyB, whose 1999 takeover bid failed.

Mr Magnier and Mr McManus, who are horseracing friends of Sir Alex Ferguson, insist they merely see their stake as a good investment.

Mr Kenyon says he believes them, and adds that they have reaffirmed this point in discussions with the board.

Speaking after the annual general meeting at Old Trafford, Mr Kenyon said: "There are always rumours, and we've not had any approaches. You've just got to keep on with the running of the business and developing the business and deal with these issues if and when they occur.

"If it is hostile, they are certainly not going to tell you beforehand. The comments they have made are that they are value investors. There has been no indication that it's going to be any more than an investment."

Roy Gardner, who will succeed Sir Roland Smith as chairman of Manchester United's parent company in March, feels they will not be a target for any takeover as long as they continue to be successful.

United's pre-tax profits for the year to July rose to £19.4m.

Mr Gardner said: "I believe Manchester United has a tremendous future. Every company is vulnerable if it performs badly. But we're not performing badly; we're performing well."