McGinley holed an 8-iron at the 464-yard par-4 4th (his 13th of the day) and then sank a 25-foot eagle attempt at the par-5 5th (his 14th) to ultimately move to 13-under-par 141 through 36 holes in the $5 million event held at the St. Andrews, Caunoustie and Kingsbarns Golf Clubs.
The 34-year-old 2002 Ryder Cup member leads by two strokes over Tony Johnstone (66) and Brian Davis (68), each of whom also played St. Andrews on Friday.
Meanwhile, three strokes back are two other golfers who played the Old Course on Day 2, Padraig Harrington (67) and Jamie Donaldson (66).
With a winners check of approximately $800,000, this years Dunhill Links is the richest tournament in Britians history.
And although the event is mixed between professionals and celebrity-amateurs, McGinley understands the importance of the week.
I know what is at stake here for the Order of Merit and World Ranking points, he said. I know how much we are playing for and what you can achieve by playing well. I dont regard it as a pro-am ' its a tournament for me.
With four other birdies ' and no bogies ' on his card Friday, McGinleys game appears to be right in line where he would like it.
For second-placed Davis, however, his day might have been a bit better, but for a bad finish.
The Englishman bogied three of his last four holes to ultimately drop two shots off the leading pace.
First-round leader Ernie Els also came down from his opening-round brilliance.
Following a bogey-free 65 on Thursday (which included a 30 on the back nine), the South African native bogied the closing 18th at Kingsbarns on Friday to end in a tie for sixth at 9-under, four shots back.
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