Irish Investment Duo Takes 3 Percent Stake in Ladbrokes

Two millionaires have reportedly jointly purchased a near 3 percent stake in Ladbrokes just one week after a Bahamas-based investor acquired a near 7 percent stake in the bookmaker.

Irish investors John Magnier and J.P. McManus are said to have purchased the stake on Friday, which would have been valued at £56 million, according to that day's closing share price.

Just over a week ago, billionaire Joe Lewis purchased a large stake in the company worth a reported £300 million. Lewis is rumored to be an associate of Magnier and McManus, according to the Irish Independent. A spokeswoman for Magnier and McManus declined comment to the paper.

Magnier and McManus were included on the 2007 Sunday Times Rich List, ranked 9th with a net worth of £723 million and 16th with a net worth of £561 million, respectively. The duo previously held a 28.6 percent stake in English football club Manchester United, but sold their shares in 2005 to U.S. billionaire Malcolm Glazer.

Ladbrokes closed today at 324.25p, up 16.75 (5.45 percent) on the London Stock Exchange -- the largest gain for the company since October 2005.

Ladbrokes PR Director Ciaran O'Brien was unable to comment on the report.