Irish duo play down Man Utd buyout in stake hike

RACING tycoons John Magnier and JP McManus have played down speculation of a takeover bid for Manchester United, despite spending nearly €12 million yesterday, increasing their stake to 24.14%.

In a short statement Cubic Expression, the investment vehicle which holds their shares, said it had upped its shareholding in the club by 3.14m shares to 63m shares.

It is believed the pair bought up some of the 3% of the shares sold by fund manager Legal & General last week.