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Me and my friend were playing a game of FM 08 for half a season and then decided to switch to the FM 8.0.1. It seemed smooth for the first few hours but then we realised that neither one of us can extend their players' contracts
It only says: "River were unable to extend the contract of Falcao" Same thing happens to my friend at Boca.
When I, just for a try resigned as River and created a new manager in charge of Arsenal and Argentinos (Argentinian Premier Division) I was able to freely extend player contracts.