Kenyon in talks over his pay-off

Peter Kenyon, the former chief executive of Manchester United who moved to Chelsea in a controversial defection last month, is still negotiating his pay-off from his former club.

Talks are centering on almost 1.2 million share options and 280,000 shares Kenyon had accumulated in Manchester United, and officially revealed in the club's annual report today.

With Manchester United shares at 245p those options are worth more than £1million, and the shares £686,000.

The accounts today show Kenyon's £385,000 salary and £205,000 bonus at United took his cash entitlement to £710,000 last year.

Kenyon is thought to have been offered at least twice his yearly pay to move to Stamford Bridge. His starting date is still under discussion.