Manchester United part-owner Ineos has ended a long-standing ambassadorial contract with Sir Alex Ferguson, the club’s legendary former manager.
The agreement, reportedly worth over £2 million annually, has been in place since Ferguson stepped down as manager in 2013. However, Ineos has now decided to terminate the contract as part of efforts to reduce costs.
The decision was communicated to Ferguson, 82, during a face-to-face meeting with Ineos chief Sir Jim Ratcliffe. The meeting was described as amicable, with no hard feelings between the club and Ferguson, who remains a non-executive director.
Ineos, which acquired a minority stake in Manchester United in December, has made several changes to the club’s structure, including a shake-up in the backroom staff and plans to cut 250 jobs. This comes amid a period of significant spending, with the club investing more than £200 million in transfers to revamp manager Erik ten Hag’s squad.
Despite the contract’s end, Ratcliffe has spoken highly of Ferguson in the past, praising his deep understanding of the club’s values and traditions. In a February interview, Ratcliffe recalled a long meeting with Ferguson, calling him “fiercely competitive” and highlighting his immense experience and insights into the club.
Ferguson remains Manchester United’s most successful manager, having secured 38 trophies during his 26-year reign at Old Trafford.
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