Irish businessman and racehorse owner John Patrick McManus. His professional career spanned the years 1980 through 2010. Prior to Malcolm Glazer purchasing his part of Manchester United in 2005, he was one of the club’s largest shareholders.
Bio of J. P. McManus
J. P. McManus, a well-known businessman, was born in Ireland on March 10, 1951. On March 10, 1951, McManus was born in Limerick, Ireland. He started out working for a plant hire company.
McManus was given a cancer diagnosis in late 2008, and following treatment in the United States, he is reported to have made a full recovery.
JP McManus’s Net Worth:
Irish businessman and racehorse owner JP McManus has a 2.3 billion dollar net worth. He started his business career in his family’s construction plant after being born on March 10, 1951, in Limerick, Ireland. He soon discovered his vocation when he started working as an on-course bookmaker at Limerick’s Market’s Field greyhound track.
Report by Glackin
In order to look into Dermot Desmond’s complex transactions involving the purchase and sale of the former Johnston Mooney and O’Brien site in Ballsbridge, Dublin, to Telecom Éireann, the Irish government hired attorney John Glackin, an inspector of Irish company law.
Desmond claimed to be a middleman in the transaction, but Glackin’s inquiry revealed that Mr. Desmond, businessmen JP McManus, and John Magnier, all benefitted from the sale. Mr. Desmond vigorously refuted Glackin’s conclusions.
The Glackin Report states that on May 7, 1990, Telecom Éireann and Hoddle Investments signed two contracts for the sale of the Johnston Mooney & O’Brien site, totaling £9.4 million. Hoddle Investments handled the transaction.
According to Glackin, McManus had lent Chestvale £1.5 million so they could buy the property from the liquidator in August 1989. Through a Jersey-based AIB account owned by J&N McMahon, McManus completed the deal.
John and Noreen McManus’ benefit from this account could not be proven since AIB would not violate client confidentiality.
The study claims that McManus reaped financial gain from the sale of the website to Telecom Éireann, obtaining £500,000 in cash that Dermot Desmond had hidden in a tennis bag in his safe. In study paragraph 5.4.4, Glackin draws the following conclusion:
“I am convinced, on a basis that I deem reasonable, that Mr. Desmond promised Mr. McManus a share of the profits as his consideration for the advance, and that this was either agreed upon beforehand or during the time between June 29, 1990, when the money was received from Telecom, and July 19, 1990, when the request was made to Ansbacher for the first cash withdrawal of $100,000.
Since there is no proof that anyone else received any of the £500,000 in cash, I come to the conclusion that Mr. McManus did.
There were no criminal charges brought against McManus or the other principals involved as a result of the Glackin Report’s findings.
McManus is married to Noreen McManus and has three children and four grandchildren. In 2006, he constructed a €200 million residence next to Martinstown Stud. In 2013, he completed a €150 million home in Barbados.
McManus has a history of making several contributions. In July 2012, McManus gave over €1 million to the Daughters of Charity foundation. He provided equipment to the University Hospital, Dooradoyle, in 2020 during the 2019–22 Coronavirus epidemic.
In 2012, McManus made $17.4 million from gambling in the US, with the Internal Revenue Service of the US taking $5.2 million as income tax (IRS).
The IRS asserted that McManus was a self-declared tax exile and thus not a legal resident of Ireland in 2012, despite McManus’s signed declarations to the contrary, according to an article in the Irish Times published in 2016. He was requesting a refund of the tax under the US-Ireland double taxation treaty.