Official announcements from Manchester United or reputable news outlets

Manchester United Ends Sir Alex Ferguson's £2.16 Million Ambassadorial Role Amid Jim Ratcliffe's INEOS Cost-Cutting

Oct 15, 2024, 10:14 AM

Manchester United's new part-owners, INEOS, have decided to end Sir Alex Ferguson's multi-million-pound annual ambassadorial contract as part of a broader cost-cutting initiative. Sir Jim Ratcliffe, who informed Ferguson of the decision in a face-to-face meeting at Old Trafford, has been leading the cost-reduction efforts. Ferguson, who has served as a global ambassador for the club since stepping down as manager in 2013, received £2.16 million per year. Despite the termination of his ambassadorial role, Ferguson will remain a non-executive director at the club and is welcome to attend Manchester United games. The decision marks a significant shift in the club's financial strategy under INEOS, which has previously implemented other cost-cutting measures, including the termination of 250 staff. Ferguson agreed to exit amicably, and the Glazers had previously supported his payments, recognizing his legacy's contribution to the club's revenue.