Press reports at the weekend speculated that US businessman Mr Malcolm Glazer was poised to meet Mr John Magnier and Mr J.P. McManus to negotiate the purchase of their 28.9 per cent stake in Manchester United, writes Barry O'Halloran.
However, market sources were sceptical of the news, partly because it was not clear if Mr Glazer, who owns American football team The Tampa Bay Buccaneers, intended to buy out the full stake held by the Irishmen.
Mr Glazer is the second-largest shareholder in the company that controls the lucrative soccer club, with a 19.2 per cent share.
If he were to buy the stake held by the two Irishmen through their Cubic Expression vehicle, London Stock Exchange Takeover Panel rules would force him to make a bid for the remaining 51.9 per cent of the business. It is now valued at almost £670 million (€1.005 billion).
Cubic Expression built up the bulk of the stake last autumn.
Manchester United chairman Sir Roy Gardiner, told the company's annual general meeting in November that he understood that Mr Magnier and Mr McManus were only "investors for value". A spokesman for Cubic said yesterday that it did not comment on speculation.
