Manchester United president Sir Jim Ratcliffe and Ineos have been cost-cutting since taking over, and they have now terminated a deal with the club’s former manager, Sir Alex Ferguson.
Ineos, Manchester United’s part-owners, has terminated Sir Alex Ferguson’s multimillion-pound ambassadorial contract.
The renowned Scot, 82, stood down in 2013 after 26 years at the helm, but shortly signed a deal to become the club’s worldwide ambassador.
The deal, which was estimated to be worth more than £2 million per year and had been in place since October 2013, has now been canceled by Ineos.
Ferguson was told in a face-to-face meeting with Sir Jim Ratcliffe that the club was seeking to save expenses and would no longer be able to pay him after this season.
According to sources, the meeting was friendly, and there is no dispute between the club and Ferguson, who remains a non-executive director.
Ratcliffe purchased a minority ownership in his childhood club in December and has supervised a slew of off-field changes, including a shake-up of the club’s backroom structure and a number of layoffs after plans to lay off 250 employees.
The club was the second-highest spender in the Premier League transfer market this summer, spending more than £200 million to rebuild manager Erik ten Hag’s playing team.
Ratcliffe has previously spoken lyrical about Ferguson, the club’s most successful manager, having won 38 trophies during his time at Old Trafford.
Ratcliffe stated in February: “He was the first person I met when I got up there, which I believe was in the second week of January, and I had a meeting at his house from 9 a.m. to 10 a.m. and departed at 1 p.m. He never stopped. He has a lot of experience, tales to share, and opinions regarding the group.
“I don’t believe he has been pushed to get engaged, but he is still extremely attentive about the club and has a wealth of expertise. He is well-versed in the club’s beliefs and traditions, as well as its overall purpose. He’s still quite competitive, Alex Ferguson.”
