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Main reason for INEOS's cost-cutting at Man Utd in 2024?
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Resolution / Starting Odds
Financial restructuring • 25%
Poor financial performance • 25%
Strategic realignment • 25%
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Official statements from INEOS or Manchester United, or credible media reports
Story
INEOS Ends Sir Alex Ferguson's £2.16m Ambassadorial Contract at End of Season
Oct 15, 2024, 10:33 AM
Manchester United's new part-owners, INEOS, have decided to terminate Sir Alex Ferguson's multi-million pound annual ambassadorial contract as part of a broader cost-cutting initiative. Sir Jim Ratcliffe, representing INEOS, informed Ferguson of the decision in a face-to-face meeting at Old Trafford. Ferguson, who has been a global ambassador for the club since October 2013, received £2.16 million per year for his role. Despite the termination of his ambassadorial duties at the end of the season, Ferguson will remain a non-executive director at the club and is still welcome to attend Manchester United games. The Glazers, the previous owners, had maintained the payments due to Ferguson's significant contributions to the club's revenue and legacy. This move is part of a series of cost-cutting measures by INEOS, which also included the axing of 250 staff members.
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