Irish tycoons rein back United coup

IRISH racing tycoons John Magnier and JP McManus, the biggest shareholders in Manchester United, have shelved plans to secure seats on the board.

They hold a 28.9% stake and were said to be poised to nominate their own representatives shortly after United publishes half-year results on Tuesday.

But Financial Mail has learned that they are happy to bide their time.

Analyst Andrew Lee at stockbroker Dresdner Kleinwort Wasserstein expects pre-tax profits in the six months to 31 January of £32.1m, up four% on the same period the previous year on sales of £91.5m. This was down on the £92.6m of the comparable period a year earlier.