Man Utd shares net Edwards £22m

Martin Edwards, the former chief executive of Manchester United, yesterday bagged nearly £22m by selling most of his remaining holding in the Premiership football club to Harry Dobson, a Scottish property and mining millionaire.

The sale rekindled speculation about a bid for the club and helped push shares in Manchester United up 7p to 125p.

Mr Dobson made a fortune in mining in Canada but in recent years has invested heavily in property and bloodstock in Ireland, where his interest in horseracing would have brought him into contact with JP Manus and John Magnier, a pair of Irish entrepreneurs close to United's manager Sir Alex Ferguson.

Mssrs Manus and Magnier set off a flurry of bid rumours last year when it emerged that they had built up a 8.65 per cent stake in the clubthrough their Cubic Expression vehicle.

After buying 17 million shares at 127p each from Mr Edwards, the Scotsman will be United's third-biggest shareholder, with a 6.54 per cent stake. The broadcaster BSkyB has a 9.99 per cent holding.

However, Mr Dobson stressed yesterday that his stake was only an investment and he would seek no board representation. Mr Dobson said: "It is the best quality stock in an out-of-favour sector."

Mr Edwards, who inherited a 16 per cent stake in the club, is left with just 173,254 shares. The sale was arranged by United's broker Brewin Dolphin. Mr Edwards, who has clashed with Sir Alex over the club, is not thought to have known who the buyer was.