Ineos and Sir Jim Ratcliffe, the chief executive officer of Manchester United, have been implementing cost-cutting measures ever since they took control of the club. They have now terminated a deal with Sir Alex Ferguson, the old management of the club.
Ineos, a company that owns a portion of Manchester United, has terminated an ambassadorial deal with Sir Alex Ferguson that was worth many millions of pounds.
The iconic Scot, who was 82 years old at the time, resigned from his position as executive director of the club in 2013, but shortly thereafter, he signed a deal that made him a global ambassador for the organization.
The deal, which had been in existence since October 2013 and was reportedly worth more than two million pounds per year, has now been canceled by Ineos, according to the information gained.
Sir Jim Ratcliffe had a face-to-face discussion with Ferguson, during which he informed him that the club was attempting to cut expenses and that they were no longer in a position to continue paying him beyond the current season.Since then, many sources have claimed that the meeting was cordial and that there is no conflict between the club and Ferguson, who continues to serve as a non-executive director from this point on.
As of December, Ratcliffe had purchased a minority ownership in his childhood club. Since then, he has supervised a number of off-field changes, such as a shake-up of the club’s backroom structure and a number of layoffs, after the announcement of plans to lay off 250 members of the club’s personnel.
After spending more than two hundred million pounds on acquisitions in an effort to reorganize the playing group under the direction of manager Erik ten Hag, the club held the position of being the second-highest spenders among Premier League teams during the transfer market this summer.Ratcliffe has previously sung lyrical about Ferguson, who is the most successful manager in the history of the club. During his illustrious career at Old Trafford, Ferguson won 38 trophies, making him the most successful manager in the club’s history.
During an interview that took place in February, Ratcliffe stated, “He was the first person I met when I went up there, which I believe was the second week of January. I had a meeting at his house from nine in the morning until ten in the morning, and I left at one in the afternoon.” Never once did he stop. A great deal of experience, a great deal of anecdotes to share, and a great deal of thoughts on the club are all possessed by him.I do not believe that he has been encouraged to participate in the club; yet, he continues to show a great deal of consideration for the organization, and he possesses a significant amount of expertise. He has a profound comprehension of the club’s core principles and customs, as well as the essence of the organization. Alex Ferguson continues to exercise a rigorous level of competition.
