Irish tycoons buy more Man Utd
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LONDON, England (Reuters) -- Shares in British football club Manchester United Plc hit a fresh 13-month high on Friday after two Irish racehorse tycoons became the latest wealthy investors to buy into the club in a week.
Man United said on Thursday that Cubic Expression, owned by John Magnier and John Paul McManus, had raised its stake to 10.4 percent from 8.65 percent and now owned 26.9 million shares.
At 1225 GMT, Man United shares were 3.9 percent higher at 134 pence, valuing the club at 348 million pounds ($559.5 million) after having touched a 140.75 pence high in early trading.
A marketmaker at a British broker said it was unlikely Magnier and McManus would make a bid for the club. "They are buying it because they can see value in the share price.''
Shares in the club, which has not won a trophy since May 2001 but is riding high in Europe's Champions League while lagging north London's Arsenal in England's domestic league, have gained nearly a fifth in value this week.
The rise comes after last weekend's Sunday Times newspaper reported that U.S. sports businessman Malcolm Glazer, owner of the Tampa Bay Buccaneers, the newly-crowned Super Bowl champions, had bought a 2.9 percent stake in Man United.
That followed John de Mol, chairman of Dutch TV production company Endemol and pioneer of reality TV show Big Brother, announcing late last Friday he had bought a stake of between two and 2.5 percent in the club.
Man United's hopes of winning its first piece of silverware in nearly two years were dashed last Sunday when they were beaten 2-0 in the League Cup final by northwest neighbours and fierce rivals Liverpool.
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