Millionaire businessmen J.P. McManus and John Magnier have cemented their position as the second-biggest shareholders in Manchester United after spending almost £7.4 million (49.4 million) to take their stake in the football club to just under 9 per cent.
In a filing with the London Stock Exchange, it was disclosed that the duo's Virgin Islands-registered company, Cubic Expressions, now holds almost 22.5 million shares, or 8.65 per cent of the total. This indicates they have bought another 4.89 million shares, which at current prices would have cost £5.8 million sterling (£7.4m). Satellite television group BSkyB is the biggest shareholder, with a 9.99 per cent stake.
The Geneva-based currency trader and former bookmaker Mr McManus and bloodstock breeder Mr Magnier first emerged as investors in Man Utd last July when it was reported they had bought 9.8 million shares for around £20 million sterling. Cubic Expressions issued a statement that they had been investors in the club for some time and had taken advantage of the weakness in the share price to increase their stake.
It was speculated that Mr Dermot Desmond was also involved with his two close friends in the investment, but it transpired that Mr Desmond - a 20 per cent shareholder in Glasgow Celtic - was not involved.
Their spokesman at the time said they saw their shareholding purely as an investment.
Mr Magnier could not be contacted last night to comment on the latest investment.
Mr Magnier and Mr McManus are close friends of Man Utd manager Sir Alex Ferguson. Their investment was seen as strengthening Sir Alex's position at Old Trafford.
Since July, Man Utd shares have continued to fall despite the club's success on the field and huge revenues generated by merchandising. The 9.8 million shares bought in July are now worth some £6 million sterling less than they paid for them.
Two months ago, another consortium of Irish investors, headed by Mr Desmond, invested £17 million sterling in a share issue by Celtic. Mr Desmond himself invested £10 million sterling. Other investors included Celtic manager Mr Martin O'Neill who put in £2 million sterling, while Formula One team owner Mr Eddie Jordan and entrepreneur Mr Denis O'Brien put in £1 million each.