J. P. McManus

John Patrick "J. P." McManus (born 10 March 1951) is an Irish businessman and racehorse owner. His career lasted from the 1980s to the 2010s. He was one of the biggest shareholders of Manchester United.[3]

J. P. McManus
Born (1951-03-10) 10 March 1951
Limerick, Ireland
Net worth€2.1 billion (2018)[1]
Spouse(s)Noreen McManus
Children4[2]

Career

His first horse was Cill Dara, named after a county in Ireland.[4]

McManus's first Cheltenham Festival winner was a horse called Mister Donovan in 1982.[5]

Former champion jockey Jonjo O'Neill trains some of his horses at the Jackdaws Castle facility, which McManus owns. He has often appeared at race meetings in recent years with the British actor Clive Owen.

McManus's horse Don't Push It, ridden by McCoy and trained by O'Neill, won the 2010 Grand National Steeplechase.[6]

2010's awards

In 2012, McManus's horse Synchronised won the Cheltenham Gold Cup. Synchronised went on to run in the 2012 John Smiths Grand National with champion jockey Tony McCoy on 14 April 2012. Synchronised threw McCoy on the way to the starting area; after being caught and veterinary checks were performed, Synchronised was re-entered. However, he fell at Becher's Brook and sadly broke two legs and had to be put down.[7] McManus had his 50th Cheltenham festival winner when Buveur d'Air won the 2017 Champion Hurdle.[8]

Life

Early life

McManus was born in Limerick, Ireland, on 10 March 1951. He began his career at a plant hire firm.[4]

Personal life

McManus is married to Noreen McManus,[9] and has three children and four grandchildren.[10]

Later life

In 2006, he built a €200 million residence next to Martinstown Stud.[11] In 2013, he completed a €150 million home in Barbados.[12]

McManus has been known for donating multiple times. In July 2012, McManus donated over €1 million to the Daughters of Charity foundation.[13] In 2020, he donated equipment to the University Hospital, Dooradoyle, during the 2019-20 Coronavirus pandemic.[14]

In 2012, McManus won $17.4m gambling in the United States, of which $5.2m was retained as income tax by the US Internal Revenue Service (IRS).[15] In 2016, The Irish Times reported that he was seeking a refund of the tax on the basis of the US 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.[15]

Health

McManus was diagnosed with cancer in late 2008 and after receiving treatment in the United States, he is said to have recovered well.[16]

Glackin Report

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 Mr Desmond, businessman JP McManus and John Magnier were beneficiaries of the sale. Mr Desmond strenuously disputed Glackin's findings.[17]

According to the Glackin Report,[18] 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.[19]

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
  1. "JP McManus".
  2. "Archived copy". Archived from the original on 8 January 2008. Retrieved 27 April 2009.CS1 maint: archived copy as title (link)
  3. 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.
  4. "The Life of Owner JP McManus". www.thewinnersenclosure.com. Retrieved 3 May 2020.
  5. Scott, Brough (8 March 2014). "The stuff of Legend - Independent.ie". Independent.ie. Retrieved 19 March 2018.
  6. 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.
  7. 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.
  8. O'Grady, Sean (15 March 2017). "JP all smiles as he notches 50th festival winner - Independent.ie". Independent.ie. Retrieved 19 March 2018.
  9. "McManus compound to expand as size continues to matter on Ailesbury Road". Irish Times. 8 September 2016. Retrieved 4 May 2020.
  10. "Who is JP McManus?". bunkered.co.uk. 26 July 2019. Retrieved 3 May 2020.
  11. "Construction starts on JP McManus mansion, mother of all stately homes".
  12. Phelan, Eugene (10 October 2013). "JP McManus' €150m Barbados mansion almost complete". Limerick Leader. Johnston Publishing. Retrieved 3 January 2014.
  13. "Profile: JP donates over €1m to Daughters of Charity in Limerick". Limerick Leader. Retrieved 26 February 2013.
  14. "JP McManus donates equipment to stop spread of virus in hospital". www.limerickleader.ie. Retrieved 3 May 2020.
  15. Keena, Colm (22 February 2016). "US insists JP McManus not Irish resident when over $17m won". The Irish Times. Retrieved 23 February 2016.
  16. Michael Lavery – 24 April 2009 12:00 PM (24 April 2009). "JP McManus fights cancer in US clinic". Herald.ie. Retrieved 11 April 2017.
  17. Keena, Colm (23 March 2011). "Financier is no stranger to business and political rows". The Irish Times.
  18. Author Gavin Sheridan (17 January 2012). "The Glackin Report – complete –". Thestory.ie. Retrieved 11 April 2017.
  19. "J. P. McManus Irish racehorse owner". The Irish Times.
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