Sir Alex Ferguson's role as Manchester United's global club ambassador is coming to an end as part of cost-cutting measures from INEOS.
The Athletic confirmed Manchester United's most successful manager will no longer receive an annual salary of $2.82 million through his ambassadorial contract, a deal that was struck back in Oct. 2013. The decision is just the latest in INEOS founder and CEO Sir Jim Ratcliffe's mission to reduce spending.
Ferguson had a sit-down meeting with Ratcliffe at Old Trafford where United's new minority stake holder revealed the club would no longer support Ferguson's role and salary.
Adam Crafton reported United sources said, "The matter has been dealt with amicably and [Ferguson] will remain a non-executive director at the club and be welcome to attend games."
United's majority owner, the Glazer family, had honored the deal with Ferguson over the last decade as a small way to honor the legendary figure. In Ferguson's 25 years as the Red Devils' manager, he won 13 Premier League titles and two Champions League titles. United has not won either trophy since his departure in 2013.
In fact, under Erik ten Hag, the Red Devils are off to their worst start through seven matches in Premier League history. The news to terminate Ferguson's contract comes when the shouts to sack Ten Hag are louder than ever.
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This article was originally published on www.si.com as INEOS Ends Sir Alex Ferguson’s Ambassadorial Contract With Manchester United.
