Official announcements from Manchester United or INEOS, or credible news sources covering Manchester United's financial strategies

INEOS Cuts Sir Alex Ferguson's £2.16 Million Contract, Ending Global Ambassador Role from October 2013

Oct 15, 2024, 08:42 AM

INEOS, the new part-owners of Manchester United, have decided to terminate the multi-million pound annual payment to Sir Alex Ferguson, who has served as the club's global ambassador since October 2013. Sir Jim Ratcliffe, co-owner of INEOS, informed Ferguson of this decision during a face-to-face meeting at Old Trafford. Ferguson, who has been receiving £2.16 million per year, will cease his ambassadorial role at the end of the current season but will remain a non-executive director and is still welcome to attend Manchester United matches. This move is part of INEOS's broader cost-cutting strategy, although the Glazer family, previous owners, had previously supported Ferguson's payments due to his significant contribution to the club's revenue and legacy.