Magnier tightens screw at Man U
2004-01-27 13:01
London - Manchester United manager Alex Ferguson was expected to sign a rolling contract worth around £4 million a year this week after the English champions gave in to pressure from Irish racing tycoon John Magnier to scrap plans for a four year deal.
Manchester have also announced they will conduct an internal investigation into Sir Alex's transfer dealings in an attempt to appease Magnier and his business partner JP McManus who own 25% of the club.
The Irish multi-millionaire is locked in a legal battle with his former friend, Ferguson, over a share of the stud fees in the champion racehorse Rock of Gibraltar.
In 2001, Magnier gave Ferguson joint ownership of the horse without charging him a penny but Ferguson assumed he was being given a half share of stud fees which could be worth up to £200 million and is sueing Magnier.
Ferguson, 62, who changed his mind about retiring in 2001, had reportedly been offered a four-year deal worth £5 million a year backdated 12 months to earn the Scot a total package of £25 million until Magnier intervened.
But sources at Old Trafford told the Daily Telegraph that Ferguson would be happy to sign a rolling contract.
However, Manchester's internal probe was not expected to satisfy Magnier who is questioning the role of Ferguson's son Jason in transfer deals and he might yet call an Emergency General Meeting to force an independent probe.
The Guardian newspaper quoted a source close to Magnier and McManus saying: "The inquiry announced by the club is not enough and, as yet, the major shareholders in United have still not received clarification over the issues they have raised.
"United have done nothing to alleviate the concerns of its main shareholder."
United said that Ferguson has no involvement in the financial aspects of transfers but simply "recommends purchases and sales".
When United bought French striker Louis Saha from Fulham for £12.8 million last week it took their transfer dealings to £130 million since 1999, although United have recovered over £80 million pounds in sales, most notably the £25 million they got from Real Madrid for David Beckham.
United, because of their reputation for wealth, always end up paying a premium on players and Ferguson was criticised in 2001 when he paid £19 million for Ruud van Nistelrooy, a little-known Dutch forward with a dodgy knee. He has since become United's leading scorer.
But even Ferguson admits that the £28 million paid to Lazio for Juan Sebastian Veron was a mistake, although the Argentine midfielder did play 89 games in two seasons at the club and was sold for £15 million.