Scots tycoon scores with ManU stake

A SCOTTISH mining tycoon who has never been to Old Trafford last night emerged as the mystery buyer of a key stake in Premiership giant Manchester United. Harry Dobson, 54, spent £22m buying 6.5% from long-standing shareholder Martin Edwards. But Dobson, speaking from Finland, said: 'I have no plans to bid. It is an investment.'

His surprise swoop is likely to be a major blow to the bid ambitions of two major investors, Irish racing magnates JP McManus and John Magnier, who own 8.6%. Their emergence as second-largest investors behind BSkyB fuelled speculation they might bid or take ManU private. They would almost certainly have jumped at the chance of raising their stake by picking up former chief executive Edwards' holding. Once the dominant force in the club, he is left with a nominal 173,254 shares.

Dobson, who lives in Jersey and Canada and has a farm in Scotland, said: 'Basically, I see it as an investment. Some time in the future I will make money on it. I don't want a seat on the board. I am a supporter of the club in a long-distance way, although I have never been to the ground.

'I breed horses in Ireland, so I know McManus and Magnier and bumped into Sir Alex Ferguson last weekend at the Curragh. We didn't talk.' Neither did Dobson meet Edwards. The deal to buy the shares at 127p was struck through London broker Insinger Townsley.

'I am buying the best-quality stock in an out-of-favour sector,' said Dobson, who is worth several hundred million pounds and made his fortune out of mining and property. His latest vehicle is Canadian-listed Foxpoint Resources. He also founded Lytton Minerals and Glenmore Highlands.

According to industry website Minesite, Dobson and his partner, Brian Hinchcliffe, 'have never yet made a bad deal'. ManU rose 7p to 125p on tuesday night.