FINANCIAL UPDATE

Last updated : 29 April 2003 By editor

Jon de Mol, the media tycoon responsible for the Big Brother reality television phenomenon, has increased his stake in Manchester United PLC to 3.48 pct, the Premiership football club confirmed.

A statement to the Stock Exchange revealed de Mol's investment vehicle Talpa Beheer BV now has a holding of 9,040,966 Manchester United shares.

David Beswitherick, Manchester United's company secretary, told AFX News de Mol increased his stake after a post-interim results presentation from chief executive Peter Kenyon and finance director Nick Humby.

"I think he (de Mol) was quite impressed with what he was seeing and quite happy with the company," he said.

"It was pleasing after the meeting to see that he'd bought more shares."

Beswitherick also confirmed that following the interim results announcement on April 1 advisers to Manchester United met those of The Cubic Expression Company Ltd, the investment vehicle of Irish racing tycoons JP McManus and John Magnier that has built up a 10.37 pct stake in the company and is now its largest shareholder.

He reiterated that Manchester United does not believe Cubic has takeover aspirations.

"They've always stated that they see it (their shareholding) as a value investment,no one's intimated to us that they are clubbing together or that they're intending to make a bid."

Beswitherick said Manchester United's advisers are yet to meet Malcolm Glazer, owner and president of the Tampa Bay Buccaneers American football club who purchased a stake of just under 3 pct in March.

However, a meeting has been offered and one is expected to take place in the summer when Manchester United tours the US.

The company secretary added that Kenyon is due to meet Dermot Desmond shortly.

Desmond, the Irish billionaire who has a controlling stake in Celtic PLC, has a holding of around 1.5 pct in Manchester United.

Intriguingly, Desmond is a close friend of McManus and Magnier. The trio also have close links with Manchester United team manager Sir Alex Ferguson, who jointly owns the champion racehorse Rock of Gibraltar with Magnier's wife Sue.