Wayne Rooney's future may be decided today.
Wayne Rooney's future may be decided today.

Ferguson in crisis meeting over Rooney



Manchester United manager Sir Alex Ferguson was preparing for a crisis meeting with club officials today, seeking a swift end to the saga of Wayne Rooney's departure.

Ferguson was due to meet United chief executive David Gill at 10am (9am GMT), one day after superstar Rooney confirmed his intention to quit the English football giants.

On Wednesday, Rooney, 24, said he was leaving because he believed the club was no longer able to match his ambition by being able to compete in the transfer market for the world's best players.

Rooney's comments effectively slammed shut any chance of the striker being able to settle his differences with club after Ferguson said on Tuesday the door was still open to a solution.

A furious Ferguson reacted by telling reporters following United's 1-0 Champions League victory Bursaspor that the club had called a meeting in order to "put the issue to bed."

"We don't want it to carry on. We don't want it to become a saga. We've got the team to consider," Ferguson said.

"That's going to be the end of it [on Thursday]. We'll carry on and dismiss everything else. We'll put it to bed."

Ferguson said Gill had spoken to United's American owners, the Glazer family, ahead of the meeting.

"David [Gill] has spoken to the owners tonight, which is important," Ferguson said. "And what is really important is for us to put this to bed."

Ferguson did not speculate on what course of action he may take but it now seems likely that Rooney has played his last game in a United shirt and that the club will seek to sell him as soon as the January transfer window opens.

Rooney, the figurehead of the United team and one of the world's most talented footballers, had stunned his employers by breaking off negotiations over a new contract and informing them he wished to leave.

With only 18 months left to run on his current £90,000 (Dh522,000) per week deal, United are now likely to offload Rooney as quickly as possible before his value, around £50 million, begins to depreciate. Rooney would be able to leave United for free if he saw out the remainder of his contract.

Most reports have said that Manchester United's hated local rivals, Manchester City, are the favourites to sign Rooney.

City, owned Sheikh Mansour bin Zayed Al Nahyan, would comfortably be able to pay both the £50 million transfer fee and Rooney's salary demands, expected to be more than £200,000 per week.

Ferguson also warned Rooney that any move to a new club was unlikely to be an improvement on United, where he has already accumulated eight major trophies in the six years since he signed from Everton as a teenager in 2004.

"Sometimes you look in a field and you see a cow and you think it's a better cow than the one you've got in your own field," Ferguson remarked.

"And it never really works out that way. It's probably the same cow or not as good as your own cow. Some players like to think that it's better somewhere else. It never really works."

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COMPANY%20PROFILE
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RACE CARD

6.30pm Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m

7.05pm Handicap (TB) Dh102,500 (D) 1,200m

7.40pm Handicap (TB) Dh105,000 (Turf) 1,800m

8.15pm UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m

9.50pm Handicap (TB) Dh105,000 (D) 1,600m

9.25pm Handicap (TB) Dh95,000 (T) 1,000m

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Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

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THE SPECS

Range Rover Sport Autobiography Dynamic

Engine: 5.0-litre supercharged V8

Transmission: six-speed manual

Power: 518bhp

Torque: 625Nm

Speed: 0-100kmh 5.3 seconds

Price: Dh633,435

On sale: now

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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Wenger's Arsenal reign in numbers

1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.


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