pounds 1.5 bn MIDAS `MAFIA' Secretive tycoons behind big Man Utd share deal.
Byline: CALUM MACDONALDTHEY are publicity-shy multimillionaires blessed with the Midas touch and the luck of the Irish.
Everything that JP McManus and John Magnier touch, from racehorses to hotels, seems to turn to gold.
The pair count Celtic supremo Dermot Desmond as their closest friend and business ally.
Collectively, the trio have been nicknamed the ``Coolmore Mafia'', after the world-famous stud farm that helped Magnier amass his pounds 300 million fortune and of which McManus is now also a key part.
And Magnier and legendary gambler McManus are poised to take over Manchester United, the world's biggest sports franchise.
The pair now own nearly a quarter of the Red Devils after buying out broadcaster BSky B's 9.9 per cent stake for pounds 62 million yesterday, a move which saw the club's sharevalueshootupandearntheman immediate pounds 2 million ``paper profit''.
McManus and Magnier are among the richest men in Ireland.
If a takeover is their intention, they will acquire the most high-profile club in the world.
But the men behind the deal are secretive to a fault and are renowned for keeping their business dealings under wraps.
McManus, Magnier and Desmond who together are worth an incredible pounds 1.5 billion form a business and social alliance centred on Ireland's bloodstock industry.
Although not involved in the Manchester United deal, which increased his pals' stake in the club to 23.15 per cent, Desmond has other business ties with the pair.
The three friends share a passion for golf, football and gambling and are regularly seen out on the golf course together.
They inhabit a small world reserved for the super-wealthy and glamorous where tens of thousands of pounds are wagered on friendly golf games.
Their business interests are diverse and include one of the world's most luxurious hotels.
Desmond and McManus own the luxurious Sandy Lane retreat in Barbados, where Celtic boss Martin O'Neill has enjoyed a round of golf. The trio have all risen from fairly humble beginnings to become members of the super-rich elite.
JOHN MAGNIER
Magnier is shrouded in mystery and rarely gives interviews.
He is the man behind the world's top stud farm in Coolmore, County Tipperary, and three years ago payed the highest price ever for a stallion.
Always a dapper dresser, Magnier is legendary in racing circles and has bases in the USA and Australia.
He followed his father into the bloodstock tradeand struck gold 30 years ago when he persuaded the Irish government to grant horse breeding tax-free status.
With his wife Sue, he has also become one of the sport's leading owners.
Their mounts regularly scoop the prizes at top meetings all over the world and they now control the future of the sport.
It is a billion-pound empire Magnier created from scratch and which now outstrips that of his rivals the Maktoums, the royal family of Dubai.
He was brought up on afarm near Fermoy in Cork, where he milked cows and learned about breeding mares. He now owns property in Spain, Switzerland and Barbados.
He loves fine wine and cigars and is said to be generous with his money.
He often has neighbour Andrew Lloyd Webber over for Sunday lunch and his daughter's marriage last year cost pounds 2 million.
Rod Stewart entertained guests, while Sir Alex Ferguson and jockey Frankie Dettori attended.
Magnier is not a football fan but he bought the Caribbean rights to MUTV so he could keep track of the club while in Barbados.But his wealth does not come from racing alone.
He is involved in a currency-dealing syndicate masterminded in the Bahamas by the reclusive billionaire Joe Lewis.
Lewis famously invested pounds 40 million in Rangers in 1997.
JP MCMANUS
McManus, nicknamed the Sundance Kid, followed in his father's footsteps when he left school and drove a JCB digger for a living.
He once worked as a labourer on a stud farm in County Limerick which he now owns.
After ditching manualwork, he became a bookie at Limerick greyhound track.
A pounds 250,000 win on a single bet at Cheltenham in 1982 assured his place in the punters' hall of fame and he is known as a fearless gambler.
When McManus backs a horse, most follow him regardless of what the prices say and he regularly bets with six-figure sums.
Now a tax exile in Switzerland, most of his pounds 500 million fortune comes from the same currency trading syndicate of which Magnier is a member.
He plays the financial markets from his Geneva office.
McManus is a fan ofManchester United, although his horses run in Celtic-style hoops.
He befriended Tiger Woods on the Isleworth Golf Club in Florida where he is a member and Dermot Desmond caddied for him when he played against the American star.
He owns a string of topquality National Hunt horses, including the triple Champion Hurdler Istabraq.
McManus is extremely generous with his cash and funds scholarships at his old Christian Brothers School in Limerick.
He was also reported to be the mystery man behind a pounds 3.5 million donation to the University of Limerick.
McManus often jets over to his Martinstown Stud in Kilmallock in County Limerick, on his private jet.
DERMOT DESMOND
Dermot Desmond has reaped some of the biggest rewards from the ``Celtic Tiger'' economic boom.
The suave businessman is reported to be worth pounds 700 million.
His wealth was built up by the sale of the stockbroking firm he founded, astute acquisitions such as London City Airport and profitable investments in a range of publicly quoted companies.
Sports-mad Desmond has
a major stake in Celtic and his dream is to get the club accepted into the English Premiership.
He is also a friend of disgraced former Irish Prime Minister Charlie Haughey and is said to still havecloselinkstothe Fianna Fail party.
Desmond's other sporting passion is golf and it is said he plays with the determination of a professional.
In 1994, hebought London City Airport for pounds 23.5 million and it has since jumped in value tenfold.
He has extensive property holdings, such as an office block in the International Financial Services Centre in Dublin.
CAPTION(S):
BUILDING UP THE EMPIRE; OLD TRAFFORD; McManus and Magnier now have a big stake; SANDY LANE; Desmond and McManus own the luxury hotel; COOLMORE; Magnier and McManus are stud farm bosses; SPORTSFILE; DAVID MAHER /; DRIVING FORCE: McManus, Desmond and Magnier are often seen playing golf another of their shared passions together
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| Publication: | Daily Record (Glasgow, Scotland) |
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| Date: | Oct 8, 2003 |
| Words: | 1076 |
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