Manchester United cuts ties with Sir Alex Ferguson’s £2.16m annual deal

Manchester United has ended its lucrative annual commitment to legendary former manager Sir Alex Ferguson, reports The Athletic.

This move is part of INEOS’s ongoing cost-cutting program, led by Sir Jim Ratcliffe.

Ferguson, who managed the club for 26 years, had been retained as a global club ambassador and director since his 2013 retirement.

He received an annual salary of £2.16 million as part of a decade-long agreement.

Ratcliffe and Ferguson held a meeting at Old Trafford, where Ferguson was informed of the club’s decision to reduce costs.

Although his paid ambassador role has ended, Ferguson will remain a non-executive director and can still attend games.

The decision has sparked concerns among former Manchester United players working with the club, who have already seen perks like credit cards and chauffeur-driven cars removed. Over 250 jobs are expected to be cut at Manchester United following Ratcliffe’s restructuring efforts.

Ferguson’s attendance at games may decrease following the change, although the matter has been dealt with amicably.

The move raises questions about the future of other ambassadors and former players associated with the club.