IRISH horse-racing tycoons J.P. McManus and John Magnier raised their stake in Manchester United FC to 23.15 per cent yesterday, stoking further speculation about the club’s future ownership.
Through their Cubic Expressions investment vehicle, the two millionaires shelled out GBP 62 million for BSkyB’s 10 per cent stake in the club.
News of the deal sent Man Utd’s shares spinning 5.4 per cent higher to 249p – aided by chief executive David Gill’s purchase of GBP 41,000 worth of shares as part of an executive bonus scheme.
The move follows stake-building by American leisure entrepreneur Malcolm Glazer, owner of Superbowl champions Tampa Bay Buccaneers, and European TV executive John de Mol – and speculation that Middle Eastern and Russian consortiums are plotting separate bids for the club.
A senior source at Old Trafford said: “To be honest, you know as much as we do. Sky have sold it, Cubic’s picked it up.
“We’ve had no direct contact with Cubic today, although I would expect that as soon as the dust settles we will be getting in touch to find out what their intentions are.”
He added: “They have always said they have no intention of taking over the group, but that’s not to say that they wouldn’t want to do something in the future. That was then, this is now.”
BSkyB made a GBP 2m profit on the Man Utd holding, which it bought in small tranches over the summer of 1998.
Behind McManus and Magnier, Scottish mining millionaire Harry Dobson remains the second-biggest shareholder with 6.5 per cent. Glazer has 5.9 per cent, hedge fund Lansdowne Partners has 5.2 per cent and de Mol has 3.5 per cent.
Bell Lawrie White football analyst John Moore said: “The first thing to say here is that BSkyB has got out at the right time. But this definitely opens the way for a takeover, no doubt about it.”
He added that Cubic could link up with one of the other major shareholders to take the club private – but that they would be unlikely to pay anything more than the current price.
If the total shareholding of Cubic – or Cubic and any other co- investor – exceeded 29.9 per cent, they would be legally obliged to make a formal takeover offer.
