Meanwhile, a local businessman named Louis Edwards began accruing shares in Manchester United[10] and was eventually made chairman on Hardman's death in 1965.[11] His son, Martin Edwards, purchased a percentage of shares from Alan Gibson[12] – son of former owner James Gibson – and became the majority shareholder and chairman when Louis Edwards died in 1980.[13] During Martin Edwards' time as chairman, Manchester United was the subject of several takeover bids; the first came from media tycoon Robert Maxwell, who bid £10 million in February 1984, but the sale fell through before any serious talks could take place.[14] In 1989, property magnate Michael Knighton was on the verge of completing a £20 million takeover,[15] but his financial backers pulled out at the last minute[16] and he had to be content with merely a seat on the board.[17]