COOLMORE WANT PLACE ON THE BOARD
‘The Irish tycoon who last week bought a substantial share
of Manchester United is threatening to use his influence to
block a multi-million-pound contract for Sir Alex Ferguson,
the football club’s manager.
of Manchester United is threatening to use his influence to
block a multi-million-pound contract for Sir Alex Ferguson,
the football club’s manager.
’John Magnier, a millionaire, wants Ferguson to withdraw a
legal case against him over the disputed ownership of Rock
of Gibraltar, the former racehorse which is one of the
world’s most valuable stallions.
legal case against him over the disputed ownership of Rock
of Gibraltar, the former racehorse which is one of the
world’s most valuable stallions.
’He and fellow Irishman JP McManus spent £62m raising their
stake in Manchester United to 23% days after investors were
told that Ferguson was close to agreeing a new four-year
deal. Magnier’s people are now calling on the club’s board
to consider the “dilemma” of granting a contract to a man
who is threatening to sue the club’s biggest shareholder.
stake in Manchester United to 23% days after investors were
told that Ferguson was close to agreeing a new four-year
deal. Magnier’s people are now calling on the club’s board
to consider the “dilemma” of granting a contract to a man
who is threatening to sue the club’s biggest shareholder.
’“This raises a significant issue that contracts worth
million of pounds should be ratified only if other matters
are resolved,” one source close to Magnier said.
million of pounds should be ratified only if other matters
are resolved,” one source close to Magnier said.
’The source added: “A contract of that size would be an
issue which would have to be discussed with shareholders.
And you have to ask whether they would feel that a four-year
tie-in with an employee, during which time he is taking
legal action against a major shareholder, would be
desirable.”’
issue which would have to be discussed with shareholders.
And you have to ask whether they would feel that a four-year
tie-in with an employee, during which time he is taking
legal action against a major shareholder, would be
desirable.”’
Meanwhile the Financial Times reports that McManus and
Magnier may well want a place on the board:
Magnier may well want a place on the board:
‘JP McManus and John Magnier, the Irish horse-racing
magnates who have increased their stake in Manchester United
to 23.14 per cent, are considering seeking board
representation at the Premiership club.
magnates who have increased their stake in Manchester United
to 23.14 per cent, are considering seeking board
representation at the Premiership club.
’Representation on the board is one of several options
available to the duo since they bought British Sky
Broadcasting's 9.9 per cent stake in the football club for
£62m.
available to the duo since they bought British Sky
Broadcasting's 9.9 per cent stake in the football club for
£62m.
’It is unclear who the pair may have in mind to represent
them and whether such a move would be acceptable to
Manchester United.
them and whether such a move would be acceptable to
Manchester United.
’Messrs McManus and Magnier are understood to have beaten
Malcolm Glazer to BSkyB's stake in Manchester United.
Although they are not thought to be considering an imminent
full bid for the company their increased stake has
strengthened their position at a time when Mr Glazer is also
building a holding in the club.
Malcolm Glazer to BSkyB's stake in Manchester United.
Although they are not thought to be considering an imminent
full bid for the company their increased stake has
strengthened their position at a time when Mr Glazer is also
building a holding in the club.
Another report details a wealthy Arab sheik, wasn’t this
always the rumour floating around at Manchester City? Looks
like the MEN may have dusted it off and changed a couple of
names and dates:
always the rumour floating around at Manchester City? Looks
like the MEN may have dusted it off and changed a couple of
names and dates:
‘A fabulously wealthy Arab prince has been linked with the
mounting speculation of a Manchester United take-over.
mounting speculation of a Manchester United take-over.
’Sheikh Mohammed bin Rashid al Maktoum, who is the Crown
Prince of Dubai, hinted that he aims to become "a regular
member" of United, a team he claims to support.
Prince of Dubai, hinted that he aims to become "a regular
member" of United, a team he claims to support.
’He has also promised that he will take Manchester United to
Dubai to play a team of Arab all-stars.
Dubai to play a team of Arab all-stars.