A consortium including leading figures from the Irish racing world as well as millionaire businessman Mr Dermot Desmond is reported to have bid for a stake in Manchester United. Mr Martin Edwards, chief executive and the major shareholder in the club, has been approached to sell his £80 million stake.
Mr J.P. McManus, a former bookmaker living in Switzerland, is believed to have offered to buy United shares from Mr Edwards for a group of racing figures.
They are thought to include Mr Desmond, the owner of London City Airport, Mr John Magnier, co-founder of the world's second biggest stud farm at Coolmore in Ireland, and his multi-millionaire racing partners, Mr Vincent O'Brien, Mr Michael Tabor and Mr Robert Sangster.
Mr Edwards owns 14 per cent of Manchester United and the bid from the Irish group was believed to have been for 10 per cent of the club. They are reported to have offered him 190p sterling a share for the stake - £50 million sterling. However, the Financial Times reports today that Mr Edwards rejected the offer, although he is said to be willing to sell most of his stake if the price is right.
Mr Desmond is one of the main shareholders in the Scottish football club, Glasgow Celtic. He could not be contacted for comment last night.
The horse-racing group is said to have sought the bulk of Mr Edwards' 36 million shares but were prepared to settle for a third of the total stake, which would cost around £25 million sterling.
The potential arrival of a significant new shareholder group at the club comes as a former member of the Monopolies Commission revealed that BSkyB's planned £623 million sterling takeover was blocked because it was impossible to find solid guarantees on keeping the two sides apart during negotiations on TV rights to football.
Mr Nicholas Finney, a member of the panel which ruled against the deal in April, said BSkyB's undertaking not to take part in future negotiations over the televising of football matches was "stretching credibility".