MONEY FOR NOTHING

Was it really worth it Alex? From the Telegraph:

Sir Alex Ferguson will receive his £2.5 million settlement in the Rock Of Gibraltar row tax-free, a concession which proved crucial in persuading the Manchester United manager to drop his legal action against racing tycoon John Magnier.

Effectively it means that the Scot will receive a pay-off worth £3.5 million before tax in a deal that will end the dispute between Ferguson and Magnier, who owns 28.89 per cent of United.

The tax-free status of the lump sum paid to Ferguson was negotiated by his advisers after the 62-year-old was offered the equivalent of four "covers" a year by Rock Of Gibraltar, who is expected to enjoy a lucrative career in stud.

Magnier's Coolmore stud farm in Co Tipperary built its wealth on the tax-free status of breeding stallions in Ireland and, as Ferguson was being offered a sum roughly in lieu of four covers annually over the horse's lifespan, he insisted it was tax-free.

When it was agreed that Ferguson would also get his money tax-free the deal seemed too good to ignore for the Scot's advisers who had already accepted that their initial £110 million claim was never going to be met.

The credit for the peace deal would appear to have gone to Celtic chairman Dermot Desmond, also a United shareholder, who was one of the few to have the trust of Ferguson and Magnier.

Ferguson confirmed the end of the dispute on Saturday and said he was looking forward to returning to "normal life". As part of the settlement he is set to maintain that the row over the share of Rock's £200 million stud fees was a misunderstanding by him.

Despite the settlement, and Ferguson's plea to fans not to protest against Magnier and his business partner J P McManus at the Cheltenham Festival next week, supporters' groups might still stage a demonstration.