Olazabal is among the favourites for the 2010 Ryder Cup captaincy

Jose Maria Olazabal was three shots off the lead after his first round at the Madrid Masters in what was a promising comeback from injury and fatigue.

Olazabal, 42, who has not played competitively since June, carded four birdies to shoot a one-under-par 70.

The Spaniard trailed clubhouse leaders Magnus Carlsson, Paul Broadhurst and Marcus Fraser who all shot 67s.

"It was much better than I expected. I hit a couple of shots into the trees but overall I'm happy," he said.

Olazabal, who assisted Ryder Cup captain Nick Faldo with his duties in Valhalla last month, has a history of rheumatic problems stretching back more than a decade.

His appearances have been limited in 2008 - because of fatigue he has not played since he lost in a play-off in June's Open qualifying.

The 1994 and 1999 Masters champion has stopped taking medication for his rheumatism, which was thought to have been causing his tiredness, so he could play in Madrid.

My game's been a little fragile all season. I seem to have a body transplant when I get on the first tee Paul Broadhurst

"I have to do the best I can and see if I can cope. I would normally go to the range now and hit balls for an hour or so but that's not going to be the case because obviously I have to look after my back."

Joint-leader Carlsson was involved in a heated exchanged with tournament director Jose Maria Zamora over slow play, but the 28-year-old took little time at the 15th where he holed out from 125 yards for an eagle two.

Meanwhile, Broadhurst admitted his round of 67 contained a few "miracle shots".

"My game's been a little fragile all season," he said. "I seem to have a body transplant when I get on the first tee. I had a hit a couple of miracle shots to keep the round together."

Spaniards Santiago Luna and Pablo Larrazabal, Briton Steve Webster, Sweden's Steven Jeppesen and South African James Kamte were all on 68.

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Spain's Miguel Angel Jimenez, who still has an outside chance of winning the European Order of Merit, was among a host of players who finished on two under.

Germany's Martin Kaymer, last year's rookie of the year and bidding for his third title of the season, was level par after 18 holes.

Neither Robert Karlsson, Order of Merit leader after his play-off win in last Sunday's Dunhill Links Championship, nor second-placed Padraig Harrington are competing in Madrid, nor is Lee Westwood, who is in third spot.