SOCCER: Manchester United have opened themselves up to more scrutiny than any club in Europe and it still does not look like it will placate their major shareholders.

United yesterday announced their intention to hold a "thorough internal review" of all their recent transfer dealings following demands for an investigation from John Magnier and JP McManus, who, through their Cubic Expression company own in excess of 25 per cent of the club, over the huge sums paid to agents involved in the negotiations.

The Old Trafford hierarchy also confirmed their intention to follow the precedent set at Louis Saha's unveiling on Friday by declaring all sums paid out to agents - in that instance £750,000 - in all subsequent transfers.

"The board of Manchester United will conduct a thorough internal review of the recent transfer dealings," said United in an official statement.

"Any changes or improvements required ascertained from this review would be published and implemented before the next transfer window in June 2004."

By stating their intention to ask the Premier League to implement "new guidelines in respect of dealing with agents", United feel they have made their transparency clear and have defended themselves against numerous allegations made in recent weeks over the arrivals of Tim Howard, Kleberson, David Bellion and Cristiano Ronaldo.

United made it clear that other than "identifying potential targets and recommending purchases and sales" Ferguson is not involved in any financial or contractual negotiations with any player.

However, the club does not answer the specific complaints of Magnier and McManus as revealed in letters to United chairman Roy Gardner, which were leaked to the Sunday Times.

The Irish horse-racing tycoons are yet to determine their exact response.

The pair feel the review, which will be conducted by Manchester United's group finance director, Nick Humby, does not go far enough. They are also perturbed that their demand that Alex Ferguson, only be offered a one-year rolling contract has not been heeded. The club said yesterday that it expected to sign a new contract with Ferguson, believed to be for four years, "imminently".

However, Magnier and McManus still reserve the right to take one of three options, either reporting their concerns to the Financial Services Authority, demand a seat on the United board, or force a potentially embarrassing emergency general meeting.

While the lengthy statement firmly distanced Ferguson from any financial involvement in transfers or contractual negotiations, it did not answer any of the 63 separate questions put to Gardner in detailed correspondence last week.

Neither does it address the concerns of Magnier and McManus as to why such huge sums are paid to agents when it is made clear chief executive David Gill handles all transaction and contract negotiations.

The news is bound to disappoint the Old Trafford hierarchy, who cannot understand the level of criticism being directed at them considering the club is the most successful and profitable on the planet.

While United continue to insist their transfer dealings will come through any scrutiny without a blemish, Magnier and McManus clearly do not think that is the case.

Among the accusations levelled at the club in the last few weeks are that a business associate of Ferguson's son Jason received a payment in the deal that saw US goalkeeper Howard join the club last summer.

It is also alleged the Old Trafford board demanded the removal of Kleberson's agent from all negotiations over the Brazilian's move from Paranaense and that United mysteriously paid three times the price for Portuguese teenager Ronaldo than had been agreed between Sporting Lisbon and Arsenal only weeks earlier.

United insist they have still received no written communication over any of these transfers.

It only fuels the feeling the Irishmen are now applying pressure to the United board as the on-going dispute between Ferguson and Magnier over the stud rights to record-breaking stallion Rock of Gibraltar intensifies.

So far, there has been no sign that Ferguson is willing to back down from his claim for half a share in the horse, which could earn him in excess of £100 million, even though there is apparently no written evidence to back him up.

In announcing their internal review, the club hoped to buy themselves a few precious months in which they could broker a deal between Ferguson and Magnier.

Instead, they will anxiously await Magnier and McManus's next move as the club threatens to rip itself apart.