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"We are delighted that he has committed his future to the club," read a statement on the club's website.
"We are convinced all our players, staff and fans are united in the belief that Michael is the best man to take the club forward."
The new deal means that Michael will now cost a lot of money for other clubs if they want him as their manager. On the other hand, it also means that if we ever want to sack him, then it will cost us a lot of money, but that looks very unlikely at the moment.