Manchester United's manager, Alex Ferguson, last night emerged victorious from a long-running dispute with the club's directors after it was confirmed that two of his closest friends have become significant shareholders in the world's wealthiest football club.
Irish millionaires and racehorse owners JP McManus and John Magnier confirmed that they are behind the Cubic Express Company, which now owns 9.8 million shares in United, the equivalent of 6.77 per cent, making them the second largest shareholders after Rupert Murdoch's BSkyB, which owns 9.99 per cent.
The news represents a significant victory for Ferguson, who has been locked in a public dispute with United's chairman, Martin Edwards, and other directors who he has accused of lacking ambition and failing to make sufficient transfer funds available .
The 6.77 per cent owned by the two Irish investors gives them and Ferguson a powerful voice within Old Trafford.
Earlier this month Ferguson threatened to leave United when his contract expires at the end of next season. It was revealed yesterday that McManus and Magnier bought most of their shares last week, which was followed last Saturday by the announcement that Ferguson was to sign a new, five-year contract with United worth £5 million sterling.
There were widespread rumours for most of yesterday within the world of football and finance as to who was behind the Cubic Expression Company, which is registered in the British Virgin Islands.
In a statement, a spokesman for Cubic Expression said that the two men saw their shareholding purely as an investment, dismissing rumours that it could be the start of a takeover.
The statement said: "Mr McManus and Mr Magnier have been investors for some time in Manchester United and took the advantage of the recent weakness in the share price to increase their joint holding to the current level."
News that a company was attempting to build a stake in the club led to United shares rising by more than 15 per cent yesterday, closing at 172p, putting the club's value at £447 million. Last year it was worth as much as £1 billion at more than £4 a share.
McManus and Magnier share a passion with Ferguson for racehorses and are said to want to make him the club's supremo. The two may now try to buy out Edwards' 6 per cent shareholding.
According to sources, their intervention could finally give Ferguson the power to run the club in the way he wants.
A senior Old Trafford source said: "It's the sort of thing Alex would love. He's very friendly with those guys and would love to be the new Franz Beckenbauer." The German is president of Bayen Munich football club.
