Irish racing tycoons buy more stock in United
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Associated Press
Dec 8, 2003 4:48 p.m.
LONDON (AP)— Irish race horse owners JP McManus and John Magnier bought more stock in Manchester United, increasing their stake to nearly 25 percent.
The pair's company, Cubic Expression, increased its holding of ordinary shares to 63,286,893 and now holds 24.24 percent of United's stock, the club said in a statement Monday to the stock exchange.
McManus and Magnier previously held 23.15 percent after doubling their share in early October.
American businessman Malcolm Glazer, owner of the Super Bowl champion Tampa Bay Buccaneers, raised his share in Manchester United to 14.31 percent on Dec. 1.
The buying of shares has prompted speculation of a possible takeover bid for the club.
Magnier is currently in a legal dispute with Manchester United manager Alex Ferguson over the ownership rights to Rock of Gibraltar, the record-breaking Group 1 winner now standing at stud at Magnier's Coolmore Stud in Ireland.
Ferguson claims he was given half a share of Rock of Gibraltar as a gift from Magnier and reportedly wants half of the stud fees earned by the horse. Those fees could be worth between 50 million pounds (US$80 million) and 100 million pounds (US$160 million).
Magnier has described the action as "without merit" and said he would "vigorously" contest the case.
les irlandais se replace pour le sprint final