SOCCER: Alex Ferguson last night signed a new rolling one-year contract that will keep him at Old Trafford until at least 2006 but the move will likely have provoked further anger from John Magnier and JP McManus, Manchester United's largest shareholders, over the way the club runs its affairs.

Magnier and McManus, who have 25.49 per cent of shares in the club, had been demanding that Ferguson's contract negotiations be suspended until an internal inquiry into transfer deals at Old Trafford was completed. They also insisted that all details of the contract be made public in a statement to the Stock Exchange.

United did not publish any details of Ferguson's new contract and club officials came out strongly in support of the manager, hinting they had scored a minor victory in the power struggle with Magnier and McManus.

Ferguson had hoped for a four-year contract worth £4 million a year with some backdated pay, but this was opposed by Magnier and McManus. His current deal was due to have expired in 2005.

United's chief executive, David Gill, insisted it had been a unanimous decision by Ferguson and the directors to negotiate the one-year deal. "We came up with the idea in summer 2003," he said. "We believe it reflects our total confidence in the manager and also reduces speculation about his possible retirement date."

Roy Gardner, United's chairman, said: "Sir Alex Ferguson is already established as one of the greatest football managers of all time. We are very lucky to have had his services for the last 17 years."

Gardner's comments are being viewed as the clearest sign yet that United's board is fully behind Ferguson in his row with Magnier and McManus.

While the club have taken a number of measures to appease the Irish duo, such as announcing the transfer inquiry and agreeing to make public all details relating to transfers, the Irishmen still insist many of their concerns have not been met and that there is still a lack of transparency in Old Trafford's financial affairs.

Ferguson said last night that he was satisfied with his new contract. "It gives me a strong focus on the short-term challenges as well as the long-term freedom to look to improve our current squad and to win trophies both domestically and in Europe," he said.

"The board and, in particular David Gill, have demonstrated their confidence in me and support for my decision making at every level. I am enjoying the job more than ever before," he added.

United's board is now keen to resolve the row between Ferguson and Magnier over rights to the stallion Rock of Gibraltar.

The supporter's group Shareholders United, which has sided with Ferguson, said: "We are relieved and delighted. We vow to continue to defend the club from outside interference."

To cap a week of fluctuating emotions at Old Trafford, Ruud van Nistelrooy is also close to agreeing a new deal rewarding his status as one of the club's key players.

Meanwhile, Arsenal chairman Peter Hill-Wood has reassured fans that the signing of Spanish star Jose Antonio Reyes will not jeopardise plans to move to a new ground.

Reyes could end up costing the Gunners more than £15 million, but not all of that will be paid up front, so it does not affect the £250 million funding they need for their new stadium at Ashburton Grove.

Hill-Wood said: "It doesn't affect the stadium, not one bit. We have an amount for transfer fees in our budget and that won't affect the new ground.

"What we have done is use the bulk of the fund in this transfer window rather than wait for the end of the season."

Hill-Wood gave fans a further reassurance that the arrival of Reyes will not signal the departure of Thierry Henry, who has been linked with a move to Real Madrid.

"No way is he going - to Real Madrid or anywhere else," he added. "That is definite. And I don't think he wants to go. He is very well paid by us and though he could maybe earn more money in Madrid, he is very happy here."

Peter Kenyon has finally been cleared to take up his post as chief executive at Chelsea this Sunday - four months after leaving Manchester United.

Kenyon has officially been on "gardening leave" from Old Trafford as the arguments over his release were clarified.

There had been a fear among the United camp that Kenyon could use his inside knowledge of the club to lure some of their stars to Stamford Bridge.

This has been alleviated by making sure he cannot start work at the London club until after the transfer window closes on Saturday night.