Racing millionaires Mr John Magnier and Mr JP McManus are unlikely to either launch a takeover bid for Manchester United plc or to seek a seat on its board, the company's chairman, Sir Roy Gardner, told The Irish Times yesterday. Barry O'Halloran reports from Manchester

Speaking after its a.g.m. at Old Trafford, Manchester, he said both men were simply investors for value and were happy with the current management.

Through their offshore vehicle, Cubic Expression, Mr Magnier and Mr McManus own about 23 per cent of the plc that owns Manchester United Football Club, making them its largest shareholders.

However, Sir Roy said this did not give them automatic entry to its board. "Just because they are shareholders at that level does not mean that they are entitled to a seat on the board, and they have not asked for one in our discussions with them," he said. "They have indicated that they are happy with the management."

Sir Roy stressed that they had told him that their interest in the company did not go beyond owning a stake in it. In the course of the meeting, he told shareholders that Cubic Expression was unlikely to seek board representation. Neither man was present at the meeting yesterday, but it is understood that Cubic Expression did have a representative at Old Trafford.

Sir Roy also said the Manchester United plc board expected to meet the second- largest shareholder, US businessman Mr Malcolm Glazer, soon. He said the company directly contacted Mr Glazer, but had told his representatives that it wanted to meet him to discuss the American's intentions for his 10 per cent stake.

Asked if Mr Glazer's representatives had responded to the request, he said that they had "not rejected it". During the meeting, a large number of the club's share-owning fans said they were concerned about the American businessman's intentions. Many of them said that they feared he would mimic Russian billionaire Mr Roman Abramovich's takeover of another Premiership club, Chelsea. Both Sir Roy and the plc's chief executive, Mr David Gill, repeatedly said the company was not for sale.

Mr Glazer owns the Florida-based Tampa Bay Buccaneers, a successful American Football team and former Superbowl winner, and is said to be interested in bidding for high-profile sports operations.

Shareholders United, an organisation of fans who own shares in Manchester United plc, used yesterday's a.g.m to launch a scheme that the group said would combat any bid to take the company private. Its members yesterday distributed a document at the meeting stating that if shareholders with at least 10 per cent of the company refused to sell, it would prevent any offer becoming unconditional. The organisation wants small individual shareholders to pledge their shares to the group in the event of a bid.

Its vice-chairman, Mr Sean Bones, said it had signed up 4,000 small shareholders who were willing to pledge their shares to the group. He said the group would bring its campaign to Ireland within the next few weeks.