Irish duo double stake in Man United as takeover rumours fly

A pair of Irish racing tycoons sparked renewed takeover rumours about Manchester United after a share-buying spree left them owning almost a quarter of the world's richest football club.

John Paul "J.P." McManus and John Magnier, whose holding company was already the club's biggest single shareholder with an 11.4-percent stake, now owned 23.15 percent, Manchester United said in a statement Tuesday to the London Stock Exchange.

The bulk of the extra shares were bought from British satellite broadcaster BSkyB, which announced earlier Tuesday it had sold its 9.9-percent stake for around 62 million pounds (88 million euros, 103 million dollars).

Mystery surrounded the intentions of McManus and Magnier, a pair of super-rich racehorse owners and enthusiasts who have long been friends with Manchester United team manager Alex Ferguson, a fellow racing fan who is one of the most influential figures at the club.

The buy-up comes less than a week after Manchester United revealed that US tycoon Malcolm Glazer had doubled his holding in the club to 5.9 percent in less than a week.

Last month, a series of media reports said another US businessman, Philip Anschutz, was poised to make an offer for the club.

News of the latest share buy-up sent United shares -- which have already climbed strongly in recent weeks -- up a further 4.1 percent to 247 pence by late afternoon trade.

It remained by no means clear what the Irish duo, who own their shares through a British Virgin Islands-registered investment firm Cubic Expression, planned to do with the increased stake.

"It's very difficult to know what their intentions are, and I'm sure the club will want to speak to them to find out," said Lee Darbyshire, editor of London-based Soccer Investor magazine, which covers the world of football finance.

"Part of me thinks that they could just be increasing their stake in case someone else attempts to make a bid," he said.

"But it's very difficult to say."

Barclays Private Clients analyst Henk Potts said it was possible the pair had ideas of their own.

"It makes no sense for them to have such a large holding in a company like Manchester United and not be in overall control of the club," he said.

Takeover rumours have swirled around a series of English sides since Russian oil billionaire Roman Abramovich snapped up Premiership side Chelsea over the summer.

Manchester United are seen as a particularly attractive proposition for predators due to the combination of their success on the pitch and huge commercial revenues from sponsorship and merchandise sales.

Last week United -- generally reckoned to be the richest as well as possibly the most famous football club in the world -- announced a 22-percent rise in annual profits to 39.3 million pounds.

Stan Lock, a football analyst with Brewin Dolphin Securities, agreed that the situation was somewhat murky.

"It's very complicated at the moment, it's getting like a concert party," he said.

"You've got Glazier, the Irish, and also a Russian is supposed to be very interested in the club.

"This is all after the Chelsea takeover. Let's face it, if you're going to buy a club you might as well make it the big one -- Manchester United."

Tuesday's news is further complicated by the fact that Ferguson's relationship with Magnier has reportedly soured recently due to a bitter dispute over Rock of Gibraltar, the hugely successful race horse he owns jointly with Magnier's wife.

Ferguson is reported to be considering legal action to get a 50-percent share of the horse's lucrative stud fees, to which he believes he is entitled.