A Scottish billionaire with extensive Irish property and horse racing interests, Mr Harry Dobson, has become the third largest shareholder in Manchester United after buying shares yesterday worth almost €35 million.
Mr Dobson bought the 6.5 per cent stake owned by former Manchester United chairman Martin Edwards and his family and this makes him the third biggest shareholder in the football club after BSkyB, which owns 9.9 per cent, and the Irish duo John Magnier and J.P McManus who own a combined stake of just under 9 per cent. It is understood that Mr Dobson's investment has no connection with that of Mr Magnier and Mr McManus and that there is no question of Mr Dobson acting in concert with Mr McManus and Mr Magnier.
The sale was arranged by United's broker Brewin Dolphin. It is understood that Mr Edwards did not know who was buying his stake.
Earlier this month, the shares dropped to a six-year low on concerns that the steep rise in players' wages would reduce profits and the team's failure to win a trophy last season or automatically qualify for the lucrative Champions League.
In a statement issued through Manchester United, Mr Dobson described the club as "the best quality stock in an out of favour sector". A spokesman for Manchester United said that Mr Dobson had bought the Edwards shares simply as an investment and has not sought board representation.
Mr Dobson bought 13 million shares owned by Mr Edwards and another four million shares held by a trust whose beneficiaries are his children at 127p sterling a share - a total cost of £21.6 million (€34.8 million). Mr Dobson, who made his fortune in mining in Canada, is thought to be worth more than €1 billion and has in recent years invested heavily in Irish property and bloodstock.
Last October, Mr Magnier and Mr McManus emerged as a near 9 per cent shareholder in Manchester United, but like Mr Dobson, they have also not sought board representation. The Irish duo are close friends of Manchester United manager Sir Alex Ferguson, whose horses are trained at the same Aidan O'Brien stable where Mr McManus's horses are trained.
Mr Dobson was at one stage involved in plans for a national distribution centre in west Dublin with the property group Dunloe Ewart and the deceased estate agent Mr Fintan Gunne, but this development never came to pass.
Over the past year, Mr Dobson has been mentioned in passing in connection with former Fianna Fáil TD Mr Liam Lawlor, who had claimed half-ownership of a company called Clearview. This claim was based on an agreement that Mr Lawlor said existed between himself, and Mr Dobson over drainage piping in west Dublin.
Last November, RTÉ reported that the piping in Lucan was the subject of a dispute involving Mr Lawlor, Mr Dobson and a solicitor, Mr John Caldwell, who also claimed part-ownership.
