FERGIE TRIES TO END BATTLE WITH COOLMORE

From The Sunday Times:

Sir Alex Ferguson is seeking to settle his legal battle with Manchester United's largest shareholder, the Irish racing tycoon John Magnier, over up to £200 million in stud fees from Rock of Gibraltar, the champion racehorse they used to own jointly.

'There's more will on both sides now to reach an agreement to this,' said an Old Trafford insider. 'The sense is now much more towards there being a happy resolution than it going to court.'

The United manager's decision to sue Magnier, who jointly owns 28.89 per cent of the club with his partner, J.P. McManus, provoked a crisis at the club. The Irishmen have begun to use their shareholding to investigate transfer deals involvinglarge pay ments to players' agents. Even Ferguson's admirers believe starting proceedings in the Dublin courts has been an own goal which, given the Irish duo's growing power at Old Trafford, could end his 17-year reign at United.

Sources close to Magnier made clear that, while he is keen to end the dispute, it must be on his terms. 'There's been correspondence between the parties' lawyers on this, but no discussion yet about the terms of an actual settlement,' said an associate. 'John Magnier originally offered Fergie the proceeds from one nomination per year by the Rock [worth about £40,000] and increased that to two. But after Fergie asked for 15 to 20 per cent of the entire stud fees, contact was broken and Fergie went to law. The only offer available to him now is the original one of one nomination a year.'

FERGIE TRIES TO END BATTLE WITH COOLMORE

Last updated : 15 February 2004 By Editor