Man Utd’s owners before Glazers are now worth £4.5bn after selling stake in club
John Magnier and JP McManus’ stake in Manchester United left their pockets for a profit of £110million in 2005 – and given the value of the club now, you'd have thought that wasn’t a great decision.
However, they’ve landed on their feet per se and now have a combined net worth of an estimated £4.5billion – showing they're not shy of a bit of pocket change.
With the long-term future of United’s ownership still up in the air and Britain’s richest man, Sir Jim Ratcliffe – whose wealth almost amasses to £30billion – set to purchase a 25% stake, it’s worth looking back at the men who owned the club before the Glazer turmoil.
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Magnier and McManus were both involved with the Coolmore horse racing conglomerate at the time their ownership came to an end, and both are still some of the most prevalent names in horse racing.
Since they sold their part of United, Magnier has transformed Coolmore into the multi-billion-pound operation that it is today, and McManus has had multiple Grand National winners, including Minella Times, ridden by Rachel Blackmore.
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They’ve not done too badly for themselves, then, Magnier is perhaps the most influential man in horse racing and being worldwide, and McManus has spearheaded horses to victories at most major horse racing events in the UK.
It was, in fact, a horse that first revealed the cracks that were showing between the pair and Manchester United, as legal action was struck up over the ownership of a certain horse.
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Rock of Gibraltar was that horse and the man who disputed his ownership of the champion stallion, Sir Alex Ferguson. Fergie inherited his love for horse racing from his father and received a huge £500k prize after his horse Spirit Dancer was victorious in Bahrain in November this year.
The rift opened up in 2001 when Ferguson had a conversation with Magnier in which he believed he owned half of Rock of Gibraltar- worth roughly £50million at the time.
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The dispute was eventually settled out of court, but the damage was done, and the owner-manager relationship became tainted. Malcolm Glazer’s offer to the pair in May 2005 was one that, if it were not for the immovable Sir Alex, they might not have taken. But, the squabble over a racehorse had perhaps left a sour taste in the mouth of both Magnier and McManus, and the deal was done.
A very different picture of Manchester United Football Club could have been painted if the two horse racing magnates remained involved, and their pockets might’ve thanked them too.
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