Manchester United shareholders believe the purchase of a £30million stake in the club by two of Sir Alex Ferguson's friends could signal a shift in the balance of power at Old Trafford.
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JP McManus (left) - One of the two men who may change the face of MUFC plc
(JulianHerbert/Allsport) |
Irish horseracing magnates JP McManus and John Magnier now own
6.77% of United shares, the second-biggest single holding after
BSkyB, which owns 9.9%.
Oliver Houston, a spokesman for the group Shareholders United,
said: 'BSkyB and chairman Martin Edwards - not exactly the most
popular people amongst United fans - were until now the two biggest
shareholders.
'This could be the beginning of a highly significant shift in
power at Old Trafford and we will be following developments very
closely.
'We hope JP McManus and John Magnier put their weight behind the
supporter-shareholders. We look forward to having talks with them in
the very near future.'
The pair took advantage of United's depressed share price to swoop
for a stake in the world's richest football club.
They bought the shares through their Cubic Expression Company and
their identity was only revealed when United used a section of Stock
Exchange law called a Section 212 notice to discover who was behind
the purchase.
Houston added: 'We are relieved to find out that Cubic Expression
are a business coalition of well-known United fans and not a
corporate predator.
'We hope that we have interests in common and that we will be able
to work together in the future for the benefit of all supporters of
the football club.'
The Irish pair, both United fans, have previously considered buying
a stake in the club and almost bought £28million of shares from
chairman Edwards, but he eventually sold his shareholding to the City
of London.
Ferguson spoke about his friends at that time saying: 'I was quite
enthused by it because if someone's going to buy it you want people
who would be good ambassadors for it.
'They'd love Manchester United to do well and that's encouraging.
They have a positive attitude and want Manchester United to be the
best in the world.'
- NEWS