JOHN Magnier and JP McManus today increased their stake in Manchester United in a £22m move that takes them to the brink of an Old Trafford takeover.
The Reds' largest shareholders, who own 25.49 per cent of the club, bough 8m more shares.
That 3.40 per cent increase by their investment company Cubic Expression takes them to 28.89 per cent, 1.1 per cent away from being forced to table a bid for United .
Stock Exchange rules state that once an investor reaches 29.9 per cent a formal offer for the rest of the shares must be made.
It is still unlikely that a full offer will be tabled, as neither Magnier nor McManus wishes to become embroiled in a bitter fight with a minority of shareholders opposed to any change in the status quo.
The extra stake will cost Magnier and McManus around £22m and will increase the pressure on United manager Sir Alex Ferguson in the row with the two tycoons over stud fees for wonder racehorse Rock of Gibraltar.The row is due to go to court in Dublin next year but there are hopes of a peace deal.
Row
Magnier and McManus are also involved in a row with United over the running of the business and demanded answers to 99 questions they posed.
Magnier and McManus are demanding that the board tighten the way the business is run and have submitted detailed questions regarding transfers and the use of agents.
United have replied to the Irish camp's questions but so far there has been no reaction from Magnier and McManus to the response.
Magnier and Co want an independent audit but United have only granted an internal review of transfer dealings that is being led by Old Trafford finance director Nick Humby.
United fans are planning a major protest against Magnier and McManus at next month's Cheltenham Festival. The United 4 Action group are hoping up to 250 of their number will be able to join what they intend will be a "peaceful, vocal" protest on Gold Cup Day - Thursday, March 18.
Cheltenham managing director Edward Gillespie confirmed he has received a request to stage a demonstration - and the Racing Post today also revealed 88 Tattersalls enclosure tickets have already been sold for the final day of the Festival, which is the showpiece event of the National Hunt racing season.
United supporters are targeting race days involving horses owned by or connected with McManus and Magnier.
United 4 Action founder Sean Murphy said: "We don't want to cause any disruption but we want to get the message across to John Magnier and JP McManus that we want them to sell their shares."
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So that the Rag action Group / Education Committee tactics are working. Be very careful lads - by the start of next year they may well have doubled the price of tickets and installed Allan Ball as manger. Me thinks their plan may well be better thought out than yours.
Its quite obvious that messers Magnier and Mcmanus are not in a mood to be intimidated by any bully boy tactics from United supporters. They will at some stage in the near future sack Alex Ferguson, and bring in Martin O Neil. United will continue to buy success and Ferguson wil be forgotten!
who cares who owns the club, i just want to see the football.
what are they trying to do, we have the most sucessful manager in british football, someone who has made United one of the most feared and respected football club in the world, not some club resting on it's past glories. obviously they do not remember the dark days (26 yrs without the league title) when all we would win was the occasional fa cup - it's time they sold their shares and concentrated in horses.
well said red til i'm ded, theres too much talk about money and not enuff about the football. on a seperate issue, Rio should go, he's heaped too much shame on the club, he's a liablity and making us into a laughing stock.
If you really want these two to take their cash and shares elsewhere, the best protest would be to organise a mass boycott of attendance at home games / renewal of season tickets next year.
Sure it may effect the team's performance in the short term but it may benefit the club in the long run - the team, SAF etc would understand that I'd hope.
Boycott live games on Sky - do you think they'll really be happy showing games with zero atmosphere, zero fans???
If MUFC want to act like a Plc and treat the fans like consumers, the only way the fans can hurt them is through true consumerism - don't buy the product, don't fuel the 'global brand' by helping to build it (i.e. by going to games that are shown round the world).
M&M might soon get cold feet about takeovers then....
Its getting almost like Dads Army on here!
Dave,do one! Fair weather fans like you are not needed! Why don`t you protest in front of your tv?
Come on Magnier get rid of Fergie & co upset the applecart so ya can give us blues some more laughs alltogether now there's only one John Magnier........haha!
What has changed? The 28.89% they own now is just the same as the 25.46% they owned before - they're not going to risk a takeover and face the wrath of minority shareholders. They now hold the almost the maximum amount they can before the takeover rule kicks in, meaning their opinions now carry maximum weight. They have made what, B#60-70m on their investments so far? They will want to make business more efficient to get a better return - they know that that Manchester United plc's potential has not been anywhere near fully realised. Greedy gits.
Dave
United ARE a plc. Thats why they act like one!!! Doh!
Jericho - you feel like that as well then? More like a carry on film to me.
I bet Magnier and Macmanus will be really worried by a few muppets wearing rags shirts hurling abuse at them. All those rags fans now complaining about M and Ms involvement in the club should also remember who introduced them to the club in the first place. Little old Fergie!
bitter manc, glad to see the medications starting to work! Wednesdays a fun day in the clinic isn`t it? Use of a computer, real people to talk to and the chance to take the strait jacket off?
The money men have already
ruined sports here in the USA.
It's the same in Europe too we
know that, but when United,
not just a sporting club but a great institution, a religion,
becomes a tool for a few to get rich at the expence of many, well that is just wrong.
Leave our club alone (and go
buy Leeds instead).
The upping of Cubic's stake to 28.9 from 25.5 makes very little difference. They could've asked for a seat on the board before, thay still can. If anything the implied threat weakens their position as they are more exposed to the risk of a share price fall. Removing SAF would cause a drop in share price. Maybe M&M are crazy and they want to waste a significant proportion of the B#100s of millions they've invested over a personal matter but there aren't that many crazy multi-millionaires. Not crazy where money's concerned anyway.
If McManus and Magnier were to complete buy out ManUtd, they'd be much more exposed to supporter action as the whole club is now worth about as much as they're popularly estimated to be worth between them. That would be the time to boycott matches, not before.
If they want seats on the board, they've bought them, it's their right to take them. We don't have to like it. Anyone else with shares can go along to general meetings and air their grievances - I'd suspect a few would chose to do exactly that.
As for those intending direct action, the only thing I could see to force a quick resolution would be action against the Rock itself. If the horse went to the glue factory and the (doubtless well secured) fridge load of love gravy were out of the picture this nasty public spat would be a stalemate and would probably then fade away.
Dave from Salford, spot on, its the only way to turn this club away from money and back to football. If I understand it correctly,PLC majority shareholders have the right to do whatever they want to the club, literally. They can change the name, uproot the club to London, sell all the players at huge profits, buy forlans to replace them, sell their shares at a huge profit and move on. We kid ourselves that the fans and Fergie control the team, but its the moneymen, pure and simple.
these 2 Irishmen do not care about Utd per se, one of them has never been to Old Trafford and one is an Arsenal fan, its only about business, so comments like it was 27 years since..... pale into insignificance for these 2 guys
this takeover talk has got the rags moaning, and they may not win again until it's sorted. but it doesn't matter really because they are not as good as arsenal, and probably won't even finish in the top three.
LMAO... you always reap what you sow, eh? If you play with the money-grabbers, then they will stitch you good and proper
I believe that anyone has the right to buy shares in Man united.This right cannot be taken away from Magnier and co.I think Alex and the irish tycoons must solve their problems without affecting the club.A demo is a bad idea.It can only make things worse.Alex should be pressured to solve his problems outside man U.The demo is going to achieve nothing.The tycoons know what fans wish for.No need to make that point extra clear.
It's entirely possible that Mand M don't give a toss about Fergie and his law suit. They just see Man U as a good investment with perhaps a deal with Glazer in the offing. The shares haven't tanked yet but they will be smart enough to know that this season is now well done on both sides. We may see an early exit from the M&Ms very soon. I hate to say this Alex but your sun may be starting to set. We fans live with too much crap right now and I think our manager could clear a lot of it up. (how could he let January pass without buying a defender?)
As a lifelong red, i would urge other fans to either put up or shut up. If you dont like the prospect of M & M taking over, buy some shares, otherwise stop the moaning.