London, Mar 06: Manchester United manager Alex Ferguson has settled his dispute with Irish racing tycoon John Magnier over stud rights to record-breaking racehorse rock of Gibraltar, a source close to the negotiations said. The source told that Ferguson had accepted a deal for significantly less than half of the stud fees for the horse, estimated to be worth around 100 million pounds ( 181.9 million), which his legal case demanded.

Ferguson, who had been under increasing pressure as Magnier and his partner J P Mcmanus ratcheted up their shareholding in the club to nearly 29 percent through their investment vehicle cubic expression, contacted the Irishman two weeks ago in a bid to negotiate a deal. The source said Ferguson had now accepted the offer made by Magnier before the Manchester United boss took legal action of Stud nominations to the value of an estimated 2.5 million pounds.

Under the deal Ferguson will withdraw his legal action and all future claims to the Rock of Gibraltar.

Bureau Report