Manchester United's status as the world's richest club was given further credence last night when they confirmed the details of a £302.9 million sterling kit deal with Nike.
The 13-year contract will be the most lucrative tie-up in sporting history when it comes into operation in August 2002, replacing United's present Umbro deal.
The provisional details of the agreement were leaked from Old Trafford last month, prompting a minor setback in negotiations between the two parties and the threat of legal action from Umbro.
The deal eclipses the previous record contract between Nike and the Brazilian team of £67 million over 10 years and, as part of the deal, United will also receive 50 per cent of profits from the sale of club merchandise.
Nike have been looking at increasing their presence in English football over the last few years, but this is the biggest coup of all after clinching deals with the likes of Arsenal and Leeds United.
The deal will bring in at least £23 million for United each year. Profits on top of the fees will be shared 50/50 by United and Nike. Although the agreement runs for 13 years, Nike has an option to call it off in 2008.
Nike's payments will be reduced if the team does not finish in the top half of the Premiership, or does not compete in European competitions, the club said in a statement. Shares in Manchester United, which stopped trading prior to the announcement, had gained one per cent yesterday to 232p. Not such good news for United is that Mark Bosnich will undergo a hernia operation next week which will rule out the out-of-favour goalkeeper for five weeks.
Alex Ferguson has tipped Steve McClaren to succeed him as Manchester United manager. Ferguson has no doubts that his assistant has all the credentials needed to take over from him when he retires at the end of next season.
McClaren, who replaced Brian Kidd as Ferguson's right-hand man in February 1999, has never really been touted for the job before and he was perceived to be lacking in experience.
Ferguson said: "Steve has been brilliant since he came here. He has shown a willingness to learn. It is not my decision to make, but I would have thought all the credentials were there for Steve to take the job.
"The club is in good shape, which I know the chief executive Peter Kenyon regards as one of the most important things. There is a big decision to be taken, which will be made at the right time."
Barnsley have signed the Middlesbrough midfielder Neil Maddison on a month's loan. The 31-year-old is expected to make his debut against Wimbledon at Oakwell. The 29-year-old American goalkeeper Brad Friedel has been granted a work permit, clearing the way for his move from Liverpool to Blackburn Rovers.
Celtic and Rangers have been paired together in the semi-finals of the Scottish League Cup. The Old Firm will square up at Hampden Park in February.
AC Milan have threatened the Italian Football Federation with legal action unless they allow the Serie A side to field all five of their non-EU players after a court judgement in a separate matter on Thursday, the club's website reported.
The club made the threat in a letter sent to the federation and countersigned by the five players: Ukrainian striker Andriy Schevchenko, Brazilian trio Dida, Serginho and Roque Junior and Croatian Zvonimir Boban.
