Takeover speculation intensifies at Manchester United

The action unfolding at Manchester United is beginning to make Footballers' Wives look like a kitchen-sink drama. It involves millionaires, billionaires and a mystery American investor. There are Irish racing tycoons, a Dutch TV mogul, an expansionist US sports magnate and the intriguing possibility of a David and Goliath showdown between the corporate hustlers and the ordinary fans. Throw in the whispers and intrigue about the fate of the "the Boss" and there, in a nutshell, is the battle for control of England's most famous football club.

Speculation about a takeover bid at Old Trafford has intensified in the past few days and yesterday supporters called on two of the largest investors, the Irish millionaires J P McManus and John Magnier, to make public their intentions. The pair used the jointly owned Cubic Expression Company to increase their stake in the club from 8.65 per cent to 10.37 per cent, making them the largest single shareholders in United, ahead of Rupert Murdoch's BSkyB (9.9 per cent).

Mr McManus and Mr Magnier are close associates of Sir Alex Ferguson, the Manchester United manager, and it has been rumoured that they might be planning to buy the club. Sir Alex, who was on the verge of retirement last season, changed his mind at the 11th hour. If his friends took over, retirement could be postponed indefinitely. He could continue as the manager for as long as he wanted. Then, at some stage in the future, he could become chairman of the club.

Supporters' groups said yesterday they wanted to know what was being planned.

Andy Walsh, a representative of the club's Independent Supporters' Association, said: "From a football fan's point of view I am concerned but, as Murdoch will tell anybody, if they try to take over Manchester United without consulting the supporters, we will make sure our views are known."

The fans have form: an attempt by BSkyB to buy the club in 1999 failed after vocal opposition from supporters and groups of small shareholders.

Mr McManus and Mr Magnier are members of the so-called Coolmore Mafia, a term coined in honour of Mr Magnier's stud farm outside Dublin. Mr McManus, worth an estimated £223m, has built a formidable reputation as a professional gambler and owns more than 100 racehorses. He also co-owns a beach resort in Barbados, along with another Irish millionaire, Dermot Desmond, the owner of Celtic FC who also owns just under 3 per cent of Manchester United.

Mr Magnier is the son-in-law of the racehorse trainer Vincent O'Brien and he includes the former Irish prime minister Charles Haughey among his friends. Mr Magnier's wife owns a half-share in the champion racehorse Rock of Gibraltar. Sir Alex owns the other half.

Until Mr McManus and Mr Magnier publicise their intentions, speculation will continue. They are not legally obliged to launch a bid until their holding exceeds 29.9 per cent. Some analysts believe they may simply be investing in what they see as undervalued stock.

United's value peaked three years ago when it became the first sports club in the world to be valued at more than £1bn. The value has crashed since and it is now worth around £350m. Crucially, it is one of few clubs seen as a steady prospect in what have been turbulent times for football.

That could be one reason why other high-profile investors have been either buying in or increasing their holdings. It was confirmed a week ago that John De Mol, the Dutch billionaire television mogul behind the Endemol production company responsible for Big Brother, had bought about 2.5 per cent of United.

Then came the news that the American sports magnate Malcolm Glazer had acquired a 2.9 per cent stake. Mr Glazer also owns the Tampa Bay Buccaneers, the new Super Bowl champions

Yesterday it emerged that an American businessman, Richard Post, had also bought a 2 per cent stake in the club last year. One report speculated Mr Post might be a former CIA agent, although there was no evidence to substantiate the connection other than the fact that there is a businessman in America called Richard Post who used to be a CIA agent.

Stranger than fiction? That's Manchester United these days.