McManus and Magnier increase United share

Alex Ferguson’s position of power at Manchester United became even more firmly entrenched tonight after the Irish millionaires JP McManus and John Magnier became the biggest single stakeholders in the club.

The racehorse owners, close friends of Ferguson, have increased their holding in the club from 6.77% to 10.37%, overtaking BSkyB – who have 9.9% – as the major shareholders.

The move will strengthen speculation that they are preparing for a full takeover over of United – some rumours have even suggested they would then install Ferguson as chairman.

McManus and Magnier bought the shares through their Cubic Expression Company Limited, which is registered in the British Virgin Islands.

A statement from Manchester United plc tonight confirmed: “Manchester United plc have today been informed that the Cubic Expression Company Limited have increased their holding in the company and now hold 26,949,868 ordinary shares representing approximately 10.37% of the issued share capital of the company.”

The closeness between Ferguson and the pair is well-known and was highlighted by them giving the United manager a half share in the racehorse Rock of Gibraltar – the other half being owned by Magnier’s wife Sue.

It has been estimated that Ferguson stands to make around £25m (€36m) from the stud value of the horse.

McManus is a legendary turf gambler and owner of National Hunt stars such as three-time Champion Hurdle winner Istabraq while Magnier owns Coolmore, the leading stud in Europe.

This is the second time the wealthy Irish duo have caught the club and the football world by surprise – they did so 18 months ago when upping their stake to 6.77%.

The move will be welcomed by Shareholders United, the powerful group of independent United shareholders who were instrumental in preventing the club being taken over by BSkyB in 2001.

The next move could see McManus and Magnier demanding a seat on the board of the club’s plc.