Sir Alex Ferguson ambassador role terminated amid Ineos clearout with regards to cutting financial costs of the club.
Sir Alex Ferguson is the latest casualty in Manchester United’s cost cutting drive.
Ferguson has been the recipient of lucrative stipend, with company accounts in 2014 showing his received £2.16m for that role.
The cost-cutting measures began shortly after Sir Jim Ratcliffe’s acquisition of 27.7% of United in December are being maintained. The same budget cuts that cost United 250 employees have also affected the club’s most successful manager. The Athletic was the first to report on this. It’s known that Ferguson and the team came to a friendly understanding for Ferguson to stop serving as an ambassador at the end of the current campaign. The Scot, who turned 83 in December, is rumoured to have been preparing to retire from public office in due course. He became a widower in October 2023 following the passing of his wife, Lady Cathy.
Ferguson has remained a fairly identifiable presence in the stands in the eleven years since he stepped down. Ferguson was seated in the Villa Park directors’ box with Ratcliffe during United’s final game, a 0-0 draw at Aston Villa on October 6. It is known that Ferguson will continue to be welcomed at Old Trafford and. The football club board still has him as a non-executive director.
The Glazer family owned the ambassadorial role, but Ratcliffe, whose Ineos Britannia yacht is currently four points behind its New Zealand equivalent in the America’s Cup, has made significant efforts to restructure the company since acquiring it. Ferguson is said to receive the news of his termination directly from the 71-year-old.
United reported losses of £113.2 million for the fiscal year that ended on June 30, 2024, last month. These cost-cutting efforts are to save the company between £40 and £45 million overall. The club spent £97.7 million on transfers over the summer.