The strangest thing about Harry Dobson's €35 million punt on Manchester United shares is that Martin Edwards decided that 125p sterling per share was a reasonable price.
It's inconceivable that the millionaire former Man Utd chairman actually needs the money so badly that he cashed in his chips at such a low price. So why did he decide to sell at a price that is near an all-time low and which is almost quarter of the level of two years ago?
No doubt, J.P. McManus and John Magnier who have paid an average of 150p sterling for their Man Utd shares would also like to know why a non-executive director of the club thinks it is appropriate to sell almost his entire stake.
And why is Harry Dobson, whose is not known as previously having any compelling interest in soccer, spending €35 million of his hard-earned money on shares that have been a disappointing investment for John Magnier and J.P. McManus and disastrous for others like BSkyB.
The Murdoch operation apparently wants to get out of Man Utd, if anybody will go anywhere near the 250p sterling price Murdoch is thought to have bought in at.
Conspiracy theorists will inevitably try and find some connection between Harry Dobson and J.P. McManus and John Magnier. But it is understood that, while they might share a common interest in horse flesh and might have brushed shoulders in the owners' enclosure, the Coolmore duo have no links with the Scotsman. If Mr Dobson was involved with Messrs McManus and Magnier, he would have to inform the Stock Exchange and, so far, that has not happened.
Those who speak for the Coolmore pair always insist they are only in Man Utd because they believe it's a good investment that will pay off in the long-term. The conspiracy theorists are not so convinced and believe that Messrs McManus and Magnier - close buddies of Alex Ferguson - want to take control of the club without going to the bother of making a full bid.
If the duo did manage to get BSkyB to sell out, it would give them 18.5 per cent of the club and put them in a strong position to look for board representation. If they had got their hands on the Edwards stake bought by Dobson it would have given them almost 15 per cent of the club. ... ...
Some in the market believe that when Man Utd broker Brewin Dolphin went searching for a buyer for the Edwards holding, they deliberately avoided knocking on Magnier's and McManus's doors to make sure they weren't given the opportunity of becoming the biggest shareholder.
Market sources are in no doubt that if they had been offered a 6.5 per cent stake at 125p a share, they would have snapped it up. No doubt, the next time Messrs Dobson, McManus and Magnier meet each other in the owners' enclosure, they will have topics other than horses to talk about.
