The tournament will take place at United's Old Trafford ground on Tuesday, August 3 and Thursday, August 5.

The other teams taking part will be Dutch giants PSV Eindhoven, the former team of United striker Ruud van Nistelrooy, Argentina's Boca Juniors and Japanese side Red Diamonds.

United face PSV first on Tuesday 3 August, before taking on Urawa Red Diamonds two days later but will not play Boca Juniors in the tournament.

Ferguson is familiar with Dutch opponents PSV Eindhoven, but told the United website on Tuesday he would not be underestimating Japanese side Urawa Red Diamonds.

"We played against them ten years ago in Japan," recalls Ferguson.

"And they have a fantastic support there. They have the largest following of supporters in Japan.

"We recognise that Japanese football has progressed immensely in recent years. You have to take them seriously because they take football very seriously now."

Looking ahead Ferguson said United, who are set to finish third in the Premiership after relinquishing their title to champions Arsenal, would find the new tournament more useful to them than normal pre-season games ahead of their two-legged qualifying tie for the main Champions League event.

"It's far better for us now. Given that we have the Champions League qualifiers, it is important that we have games of substance, matches that actually mean something. This tournament will bring the edge to a game.

"Over the years, we have taken the view that easier games 'break in' matches like travelling to the Far East, or Scandinavia, don't serve a purpose given the sudden thrust of competitive football that is on us now."

The winners of the new event will be determined by a points table after each club has played two matches. But unlike conventional tables one point will also be awarded for each goal scored.

"That is a good idea," said Ferguson. "It's a germ of an idea we took from the Ajax tournament. It's an incentive to score.

"It would encourage more matches like our game with Juventus in New York last summer where both teams just went for it," the Scot added.

SCHEDULE
Tuesday, August 3
Boca Juniors v Urawa Red Diamonds
Manchester United v PSV Eindhoven
Thursday, August 5
Boca Juniors v PSV Eindhoven
Manchester United v Urawa Red Diamonds