Manchester United’s part-owner, INEOS, has terminated Sir Alex Ferguson’s multi-million-pound ambassadorial contract.
The legendary manager, who led the Red Devils for 26 years and won 38 titles, had been serving as a global ambassador for the club since retiring from coaching in 2013. However, according to The Athletic, Sir Jim Ratcliffe’s company has decided to sever ties with the former manager.
The contract, reportedly worth over £2 million annually and in place since October 2013, has now been ended by INEOS.
Sources indicate that Ratcliffe and Ferguson recently met to discuss cutting club expenses, and during that discussion, it was agreed that Manchester United would no longer pay Ferguson beyond the current season, leading to the termination of his lucrative contract.
The meeting is said to have been amicable, and there are no hard feelings between the club and Ferguson, who remains a non-executive director of the club.
Ratcliffe, who acquired a minority stake in the club last December, has overseen several changes, including a restructuring of the club’s backroom staff and a plan to reduce headcount by 250 employees.
