Mr JP McManus and Mr John Magnier have raised their holding in English soccer champions Manchester United to just over 24 per cent from 23 per cent previously, fuelling fresh speculation about a possible bid.

Their investment vehicle, Cubic Expression Ltd, said in a statement yesterday that it now held 24.24 per cent of Manchester United, one of the world's top sports teams.

Cubic Expression did not comment yesterday on its latest purchase of the shares.

It is understood that the purchase is not significant, and was made as the shares were available at a reasonable price.

The offshore-based vehicle can buy up to 29.9 per cent of the company before it has to declare if it intends making a bid.

Last month, US sports entrepreneur Mr Malcolm Glazer also raised his stake in the northern England club to 14.31 per cent. Mr Glazer owns Manchester United's American Football equivalent, NFL Super Bowl champions the Tampa Bay Buccaneers, and recently met United executives to talk about the club's strategy.

However United executives said last week that they had not received any approaches from either stakebuilder.

Manchester United has been the subject of persistent takeover speculation since rival Chelsea was bought out by Russian billionaire, Mr Roman Abramovich, in July.

During the club's annual meeting last month, a large number of the club's shareholding fans expressed concerns about Mr Glazier's intentions, saying they feared he would mimic Mr Abramovich's takeover of Chelsea.

However, both Sir Roy Gardner and the clubs's chief executive, Mr David Gill, have repeatedly said that the club is not for sale.

Speaking to The Irish Times after the annual meeting , Sir Roy Gardner stated his belief that both Mr Magnier and Mr McManus were simply investors for value, and were unlikely to either launch a bid for the club or to seek a seat on its board.