Sir Alex Ferguson is the most recent victim of Ineos’s cost-cutting drive at Manchester United, with the legendary manager informed his multi-million pound club ambassador contract has been cut.
Sir Jim Ratcliffe’s Ineos, who bought a 27.7 per cent stake in United last February, have been making widespread cuts to reduce costs at Old Trafford, including 250 jobs across the club.
Ferguson was in charge of United from 1986 to 2013 and had been kept on as a global club ambassador and director since stepping down from the managerial hotseat.
While he will remain a non-executive director at the club for the foreseeable future, he will no longer be paid beyond the end of this season, according to The Athletic.
In the only official description of Ferguson’s ambassadorial role, in the club’s 2014 accounts, it was outlined that he received £2.16m for his services annually.
Ferguson will continue on the club’s football board, a predominantly ceremonial body, but not on the official board – the football board also featured Sir Bobby Charlton before his death last year.
The Scot’s departure is reportedly amicable and the decision was wholly taken by Ineos, with the Glazers happy to continue paying Ferguson for his lasting impact on the club and its wider finances.
Ratcliffe reportedly informed Ferguson of his decision face-to-face and he is expected to continue attending both home and away matches when he can.
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