Fergie time is a generous amount of extra time tacked on to the 90 minutes giving a team, like Sir Alex Ferguson's Man U, time to score a game-tying or game-winning goal. It can be pretty unbearable to be on the wrong side of Fergie time as it can be epic to benefit from it.
I think it's also fascinating to read further into the phenomenon to see if there is any merit to the concept. Fergie time is certainly felt to exist by many football fans, but demonstrating this scientifically is next to impossible as there are so many ways to analyse the plethora of football data that now exists, and many confounding factors that may or may not be need to be accounted for. Then, if we establish that it does exist, determining the reasons why would also be a fascinating endeavour.
I can't find any rigorous analyses of this admittedly trivial question, but here's an interesting read that touches on some of these issues:
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