From The Sunday Times:
Last week the Premiership club’s directors went on full bid alert when the two used their Cubic Expression investment vehicle to increase their United stake from 9.8% to 10.37%, making them the biggest shareholders, just ahead of BSkyB with 9.9%. With more than 30% of United now in the hands of eight individual investors, the club feared that the pair could work with Desmond, who has 1.5%, Scottish mining tycoon Harry Dobson, with 6.54%, or Lansdowne, an Irish hedge fund with 6%, and others to take control at Old Trafford
But the Takeover Panel, the regulator for bidding rules, was assured that the two had no plans to make a bid for the club and were not working with any of the other key players.
The Takeover Panel has informed Manchester United that the Irish billionaires JP McManus and John Magnier are not working with fellow horse-racing tycoon Dermot Desmond to seize control of the world’s richest football club, writes David Bond.
IMUSA’s Andy Walsh speaking yesterday:
"Magnier and McManus have moved in and said they want a big stake in the football club yet have made no statement as to what their intentions are.
"From a football fan's point of view I am concerned but as (Rupert) Murdoch will tell anybody, if they try to take over Manchester United Football Club without consulting the supporters, the supporters will make damn sure their views are known."
McManus and Magnier bought the shares through their Cubic Expression Company Limited, which is registered in the British Virgin Islands.
The PLC have confirmed: "Manchester United plc have 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."
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