So just who was involved in the Irish consortium bid for 10 per cent of Manchester United, rejected by Martin Edwards, who holds 14 per cent of the famous football club. It appears that J.P. McManus, who has met United manager Alex Ferguson in racing circles, was the key person and also involved some other racing figures such as John Magnier. Given J.P. McManus's association with Dermot Desmond, it is hardly surprising that Mr Desmond was also speculated to be a member of the consortium.

However, there would have been one serious blockage to Mr Desmond's involvement, which makes it unlikely that he had a beneficial interest in any consortium. Desmond is already a significant shareholder in Celtic. He first purchased about 10 per cent in 1994 and has subsequently increased his holding to just under 14 per cent. The rules of the Scottish Football Association forbid any individual "except with the prior written consent of the council" holding a stake in more than one club, or having any managerial or administrative influence in more than one club. For the purpose of the rule, contained in the SFA's articles of association, the rule applies not only to crossshareholdings in Scottish clubs but also to "any club in membership of an association in membership of UEFA and/or FIFA".

So if he wanted to take a stake in the Red Devils, Dermot Desmond would have had to have obtained special permission from the SFA council. Given the increasing importance of the Champions' League and the possibility that Celtic and Manchester United could end up as opponents in the years ahead - and also the likelihood that the two could have dealings in areas such as the transfer market - the SFA may well have refused such permission.