Manchester United Football Club has officially announced the termination of its annual payments to Sir Alex Ferguson, the club’s legendary former manager and global ambassador. This decision comes as part of a broader initiative by the club's new ownership under INEOS to reduce operational costs.
Sir Alex Ferguson, who retired in 2013 after an illustrious 26-year career at the helm of Manchester United, has been receiving an annual salary of approximately £2.16 million (around $2.8 million) for his role as a global ambassador and non-executive director. The decision to end this financial commitment was communicated to Ferguson during a recent face-to-face meeting with Sir Jim Ratcliffe, owner of INEOS, at Old Trafford.
The move is part of a series of cost-saving measures implemented since INEOS acquired a 27.7% stake in the club earlier this year. In addition to terminating Ferguson's contract, the club has also laid off around 250 employees and reviewed various financial commitments as it seeks to stabilize its finances amidst rising operational costs.
While Ferguson will no longer receive his ambassadorial salary, he will retain his position as a non-executive director and is welcome to continue attending matches at Old Trafford and other venues. Ratcliffe emphasized that despite the financial adjustments, Ferguson remains an integral part of Manchester United's history and culture.
“This decision was not made lightly,” said Ratcliffe. “Sir Alex is one of the most iconic figures in football history, and his contributions to Manchester United are immeasurable. However, in our commitment to ensuring the long-term sustainability of the club, we must make difficult choices.”
Ferguson’s tenure at Manchester United is marked by an unparalleled record of success, including 13 Premier League titles and numerous domestic and international trophies. His legacy continues to influence the club's ethos an
d ambitions.