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J. P. McManus

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J. P. McManus
J.P. McManus in 2010 (second from right)
Born (1951-03-10) 10 March 1951 (age 73)
Limerick, Ireland
OccupationBusinessman
SpouseNoreen McManus
Children3[1]

John Patrick McManus (born 10 March 1951) is an Irish businessman and racehorse owner. He was a major shareholder of Manchester United, until his stake was bought out by Malcolm Glazer in 2005.[2]

Early life

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McManus was born in Limerick, Ireland, on 10 March 1951. He was the eldest of five, and attended the Christian Brothers School. He began his career at his father's plant hire firm.[3][4], and later at 21 secured a bookmakers licence and took a pitch at Limerick Greyhound track.[5][6]

Business

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In 1994, McManus established Leicosa SA, a family office on the Rue du Rhône in Geneva. It is primarily known for trading on the currency markets.[7][8] Leicosa SA is linked to Novellus, a group of companies responsible for investing in property across the UK and Ireland.[9]

McManus often invests alongside John Magnier, and Dermot Desmond. The group own successful nursing home group Barchester, and are investors in Mitchells & Butlers where McManus holds a significant share of the business.[10][11][12] Magnier, Desmond and McManus were all investors in Ladbrokes.[13]

In 1998, McManus was part of a consortium, that purchased Sandy Lane in Barbados from Granada PLC. The resort was demolished and rebuilt at a cost of $450million.[14][15] In 2014, McManus added to his hotel ownership purchasing Adare Manor for €30million.[16] Shortly after, the resort was closed for a two year renovation which included a significant golf course upgrade by designer Tom Fazio. The venue is set to host the 2027 Ryder Cup.[17]

Sport

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Horse Racing

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AP McCoy in JP McManus' racing silks

McManus is a well known racehorse owner, with his green and yellow silks becoming famous worldwide. His first horse was Cill Dara, named after the county in Ireland.[3] McManus's first Cheltenham Festival winner was Mister Donovan in 1982.[18] Over the years, McManus has become the most decorated owner of the Cheltenham Festival with 74 winners to his name. Including Istabraq who won four times at The Festival, Baracouda a two time Stayers Hurdle winner and Buveur D'Air who gave McManus his 50th winner at The Festival.[19][20] Synchronised, a home-bred horse was victorious for McManus in the Gold Cup, his first and only winner of the race, later died at Aintree in 2012.[21][22]

McManus has also had success in the Grand National. Don't Push It, ridden by McCoy and trained by O'Neill, won the 2010 Grand National Steeplechase.[23] In 2021 McManus won the Grand National for a second time with his horse Minella Times, ridden by Rachael Blackmore and trained by Henry De Bromhead. In 2024 McManus won the Grand National for a third time with his horse I Am Maximus, ridden by Paul Townend and trained by Willie Mullins.[24]

Alongside ownership of the horses, McManus also owns several training and stud facilities including Jackdaws Castle where former champion jockey Jonjo O'Neill trains, and Martinstown Stud in Ireland which has been developed significantly under his stewardship.[25] McManus' daughter, Sue Anne, owns Islanmore Stud in County Limerick.[26]

Manchester United

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McManus, alongside fellow racing owner and businessman John Magnier, first invested in Manchester United in July 2000 buying 9.8 million shares for around £20million via a British Virgin Islands holding company Cubic Expressions. In 2001, the pair further increased their investment in Manchester United to a total shareholding of 9 percent, taking them to the second largest owners behind BSkyB.[27][28] By 2003, Cubic Expressions had taken their ownership in the club to nearly 25%, having acquired shares from BSkyB and a Legal & General fund.[29]

However, outside of their controlling shareholding, McManus and Magnier were involved in a row with manager Sir Alex Ferguson relating to the ownership of a successful racehorse Rock of Gibraltar. This would lead the pair to sell their shareholding of the club to Malcolm Glazer for around €335million.[30][31]

Limerick GAA

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In 2023, McManus became the honorary lifetime president of Limerick GAA.[32] He had been a sponsor and investor in the team for nearly twenty years.[33]

Personal life

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McManus' Helicopter

McManus is married to Noreen McManus,[34] and has three children and four grandchildren.[35] He is known to be close friends with golfer Tiger Woods, and his former retained jockey AP McCoy.[36][37]

In 2006, he built a €20 million residence next to Martinstown Stud in Killmallock.[38]. The property has an artificial lake, nine bedroom suites, an 18-metre pool, a 200-seat cinema and an underground car park for six cars.[39] In 2013, his €150 million mansion in Barbados was completed.[40] He also owns a €100m home in Chelsea, London, and a large property on Ailesbury Road in Dublin purchased in 2011.[41][42] He also retains a suite at the Dorchester Hotel on Park Lane.[43]

McManus owns a Gulfstream G650 private jet. In July 2019, the aircraft was involved in an emergency landing at Shannon Airport following engine failure on a routine flight to the UK. McManus was onboard at the time with four other people.[44] He also owns an Agusta Westland AW139 helicopter registered EI-LIM and finished with green and yellow to match his racing silks.

Philanthropy

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McManus is known for making large donations through the JP McManus Charitable Foundation. In July 2012, McManus donated over €1 million to the Daughters of Charity foundation.[45] In 2020, he donated equipment to the University Hospital, Dooradoyle, during the 2019–22 Coronavirus pandemic.[46] In 2024, McManus donated the €30million International Rugby Experience to the Limerick council.[47]

In December 2023, McManus announced that he would donate €1 million to Gaelic games in every county in Ireland with the donation expected to arrive in January 2024.[48] This followed a previous donation of €100,000 to each county following Limerick's All-Ireland success in 2018.

In 2024, McManus donated the €30million International Rugby Experience to the city and people of Limerick.[49]

McManus was awarded The Princess Grace Humanitarian Award in Monaco by Prince Albert II in 2012 for his philanthropy in Ireland.[50]

Tax status

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McManus has been a tax exile in Switzerland since the 1990s and has often faced criticism of this status.[51] In 2011 he spoke out against such criticism, claiming that he was merely an emigrant who set up a business abroad.[52]

In 2012, McManus won $17.4 million gambling in the United States, of which $5.2 million was retained as income tax by the Internal Revenue Service (IRS).[53] In 2016, The Irish Times reported that he was seeking a refund of the tax on the basis of the United States' double taxation treaty with Ireland; the IRS stated that McManus was a self-confessed tax exile out of Ireland and therefore – despite McManus's sworn affidavits to the contrary – not a legal resident of Ireland in 2012.[53]

Following donations in 2018 and 2023 to the GAA, McManus faced criticism from journalist Mick Clifford to compare him, unfavourably, to an absentee landlord.[54] The 2023 donation was criticised by former Gaelic football player and commentator, Joe Brolly, who characterised it as an "act of self defense" to deflect from criticism of McManus' tax exile status.[55] The donation was also criticised by Newstalk journalist, Shane Coleman, and political party, People Before Profit.[56][57]

After McManus won the rights to host the 2027 Ryder Cup at Adare Manor, he wrote to Limerick City and County Council objecting to proposals to impose property tax on a plot with residential zoning in the estate arguing that the land in question is earmarked for a Ryder Cup bus terminal and should therefore not be taxed.[58]

Health

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McManus was diagnosed with cancer in late 2008 and after receiving treatment in the United States, he was said to have recovered well.[59]

Glackin Report

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In 1991, an Irish company law inspector, solicitor John Glackin, was appointed by the Irish Government to investigate complicated dealings involving Dermot Desmond and the purchase and sale of the former Johnston Mooney and O'Brien site in Ballsbridge, Dublin, to Telecom Éireann. While Desmond represented himself as an intermediary in the sale, Glackin's report said Desmond, businessman JP McManus and John Magnier were beneficiaries of the sale. Desmond strenuously disputed Glackin's findings.[60]

According to the Glackin Report,[61] Hoddle Investments (the vehicle through which the deal was handled) executed two contracts with Telecom Éireann for the sale of the Johnston Mooney & O'Brien site for an aggregate price of £9.4 million, on 7 May 1990. Glackin concluded that McManus had lent £1.5 million to Chestvale to purchase the site from the liquidator in August 1989. McManus made the investment through an AIB account in Jersey in the name of J&N McMahon. Whether this account was to the benefit of John and Noreen McManus was not confirmed as AIB refused to break client confidentiality.[62]

The report concluded that McManus was a beneficiary of the sale of the site to Telecom Éireann, and received £500,000 in cash from the transaction, which Dermot Desmond had stored in a tennis holdall in his safe. At paragraph 5.4.4 of the report, Glackin concludes that:

"I am satisfied, on a basis that I believe is reasonable, that Mr. McManus was promised by Mr. Desmond as his consideration for the advance a share of the profits and that this was either agreed in advance or during the period between 29th June 1990 when the money was received from Telecom, and 19th July 1990 when the request was made to Ansbacher for the first cash withdrawal of £100,000. I can find no evidence that any other person received any of the cash of £500,000 and find accordingly that it was received by Mr. McManus."

No criminal charges were made against McManus or the other principals involved resulting from the findings of the Glackin Report.

References

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  1. ^ "Irish Examiner - 2001/05/05: Limerick confers top honour on a favourite son, JP McManus". Archived from the original on 8 January 2008. Retrieved 27 April 2009.
  2. ^ Cowell, Alan (28 February 2004). "INTERNATIONAL BUSINESS; A Horse, a Soccer Club and the Tampa Bay Bucs". The New York Times. ISSN 0362-4331. Retrieved 3 May 2020.
  3. ^ a b "The Life of Owner JP McManus". thewinnersenclosure.com. Retrieved 3 May 2020.
  4. ^ "JP McManus - AN OWNER LIKE NO OTHER". thejockeyclub.co.uk.
  5. ^ "JP McManus". donmcclean.com.
  6. ^ "JP McManus: if I lose I don't have a bet for two weeks - it doesn't bother me". racingpost.com.
  7. ^ "A Genève, un cambiste a touché près de 100 millions en 2006". letemps.ch (in French).
  8. ^ "Investoren: Goldgräber". handelszeitung.ch (in German).
  9. ^ "Inside the bank of JP McManus: How Novellus is expanding into Ireland". thecurrency.news.
  10. ^ "Profits rise at billionaire-owned Barchester Healthcare". carehomeprofessional.com.
  11. ^ "M&B shares rise 3% as pubs giant backed by JP McManus starts to weather costs inflation". irishexaminer.com.
  12. ^ "Revealed: the other two billionaires with a stake in Mitchells & Butlers". theguardian.com.
  13. ^ "Magnier and JP linked with 3pc Ladbrokes stake". independent.ie.
  14. ^ Geist, Isabella (13 December 2008). "Sandy Lane: Back And Better Than Ever". Forbes Online. Retrieved 30 October 2008.
  15. ^ "The History of Sandy Lane" (PDF). sandylane.com. Archived from the original (PDF) on 31 January 2012. Retrieved 19 June 2012.
  16. ^ "Adare Manor Sold". irishtimes.com.
  17. ^ "REVIEW – Adare Manor, Ireland's rejuvenated masterpiece". bunkered.co.uk.
  18. ^ Scott, Brough (8 March 2014). "The stuff of Legend". Independent.ie. Retrieved 19 March 2018.
  19. ^ O'Grady, Sean (15 March 2017). "JP all smiles as he notches 50th festival winner - Independent.ie". Indepennt.ie. Retrieved 19 March 2018.
  20. ^ "From Istabraq to Buveur D'Air: JP McManus's six best horses down the years". racingpost.com. 5 March 2019.
  21. ^ Wood, Greg (14 April 2012). "Death of Cheltenham Gold Cup winner Synchronised at The Grand National 2012". The Guardian. London: Guardian News and Media. Retrieved 15 April 2012.
  22. ^ "JP McManus: Ten of his greatest winners". racingtv.com.
  23. ^ Armytage, Marcus (10 April 2010). "Grand National 2010: Don't Push It is lucky 15 for Tony McCoy at Aintree". The Telegraph. Telegraph Media Group. Retrieved 19 April 2016.
  24. ^ Wood, Greg (13 April 2024). "I Am Maximus lands gamble for all-conquering Mullins in Grand National". The Observer.
  25. ^ "McManus gets green light for new stables". limerickleader.ie. 15 November 2014.
  26. ^ "JP McManus's daughter shells out millions on lavish new home". independent.ie. 22 October 2009.
  27. ^ "Magnier and McManus spend £7.4m on Man United shares". irishtimes.com.
  28. ^ "Racehorse owners buy Man Utd shares". bbc.co.uk. 19 July 2001.
  29. ^ Treanor, Jill (9 December 2003). "Irish Man Utd stake nears 25%". The Guardian.
  30. ^ "Magnier and McManus to make €125m from Man Utd". irishtimes.com.
  31. ^ Taylor, Daniel. "The bizarre row that sparked Manchester United's decline – and how it started with a horse". The New York Times.
  32. ^ "JP McManus to become Limerick GAA Honorary Life President". limerickgaa.ie. 14 February 2023.
  33. ^ "JP McManus appointed honorary life president of Limerick GAA". irishexaminer.com. 14 February 2023.
  34. ^ "McManus compound to expand as size continues to matter on Ailesbury Road". Irish Times. 8 September 2016. Retrieved 4 May 2020.
  35. ^ "Who is JP McManus?". bunkered.co.uk. 26 July 2019. Retrieved 3 May 2020.
  36. ^ "Tiger and JP's unlikely friendship". irishgolfer.ie.
  37. ^ "JP McManus hosts lavish star-studded send-off for AP McCoy". belfasttelegraph.co.uk.
  38. ^ "Construction starts on JP McManus mansion, mother of all stately homes".
  39. ^ "JP McManus". independent.ie.
  40. ^ Phelan, Eugene (10 October 2013). "JP McManus' €150m Barbados mansion almost complete". Limerick Leader. Johnston Publishing. Retrieved 3 January 2014.
  41. ^ "Properties owned by billionaire JP McManus and family surpass €350m". limerickleader.ie.
  42. ^ "McManuses seek to extend reach in D4 embassy belt". independent.ie.
  43. ^ "Non-resident of Ireland's largest house". irishtimes.com.
  44. ^ "jet-carrying-jp-mcmanus-makes-emergency-landing-at-shannon-airport". racingpost.com. 8 July 2019.
  45. ^ "Profile: JP donates over €1m to Daughters of Charity in Limerick". Limerick Leader. Retrieved 26 February 2013.
  46. ^ "JP McManus donates equipment to stop spread of virus in hospital". limerickleader.ie. 29 April 2020. Retrieved 3 May 2020.
  47. ^ "International Rugby Experience to be Gifted to People of Limerick". limerick.ie.
  48. ^ "JP McManus to donate €1m to Gaelic games in each county". RTE Sport. 14 December 2023. Retrieved 15 December 2023.
  49. ^ "International Rugby Experience to be Gifted to People of Limerick". limerick.ie.
  50. ^ "JP McManus honoured by Prince Albert in Monte-Carlo". limerickleader.ie.
  51. ^ "Matt Cooper: JP McManus's relationship with Limerick is not a taxing affair".
  52. ^ https://www.joe.ie/uncategorized/jp-blasts-tax-exile-critics-29562
  53. ^ a b Keena, Colm (22 February 2016). "US insists JP McManus not Irish resident when over $17m won". The Irish Times. Retrieved 23 February 2016.
  54. ^ "€3.2m isn't too taxing for mega-rich JP". 29 September 2018.
  55. ^ "Joe Brolly hits out at Tax exiles as he discusses JP McManus donation". 17 January 2024.
  56. ^ "Shane Coleman on JP McManus donations: 'I'd prefer if people were tax resident here'".
  57. ^ "JP McManus: Just Pay Your Tax – People Before Profit".
  58. ^ "Adare Manor owner JP McManus in the rough over tax on Ryder Cup lands". The Irish Times.
  59. ^ Michael Lavery (24 April 2009). "JP McManus fights cancer in US clinic". Herald.ie. Retrieved 11 April 2017.
  60. ^ Keena, Colm (23 March 2011). "Financier is no stranger to business and political rows". The Irish Times.
  61. ^ Gavin Sheridan (17 January 2012). "The Glackin Report – complete". Thestory.ie. Retrieved 11 April 2017.
  62. ^ "J. P. McManus Irish racehorse owner". The Irish Times.
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