𝗕𝗥𝗘𝗔𝗞𝗜𝗡𝗚: INEOS have terminated Sir Alex Ferguson’s multi-million-pound ambassadorial contract with Manchester United. [TheAthleticFC].
He is no longer a part of the club’s decision-making process and is solely welcome to attend Man United games.
Manchester United have informed Sir Alex Ferguson they will no longer commit to the annual multi-million-pound payments he’s received since retiring as manager in 2013, according to reports. In a face-to-face meeting with the club’s new football kingpin Sir Jim Ratcliffe, Ferguson was said to have learned he is the latest impacted by cost-cutting measures. The 82-year-old, arguably United’s greatest legend, has served as a global club ambassador and club director since walking away from the dugout 11 years ago. According to The Athletic, the cost-cutting process, which involved 250 redundancies across the club, highlighted Ferguson’s agreement. It’s claimed that under the related party transactions in United’s 2014 accounts, the club stated that Ferguson signed an agreement to become a global ambassador on October 17, 2013.The report adds that the matter has been dealt with amicably and that Ferguson will be welcome to attend games as a non-executive director.
That arrangement was worth £2.16million per year and is believed to have lasted since, which Ratcliffe deemed unsustainable.
So, the 71-year-old is said to have revealed his stance to Ferguson during a recent face-to-face meeting at Old Trafford.
The report adds that the matter has been dealt with amicably and that Ferguson will be welcome to attend games as a non-executive director.
While he is not a member of United’s official 10-person board, the legendary boss has had a ceremonial seat on the club’s football board since retirement.
It is a far cry from the days of the Glazers, where apathy ruled the day and the allegation of “Jobs for boys” was increasingly getting traction.
However, have Ineos gone too far on the other extreme end of the spectrum with their diktats as so many jobs have been lost?
If that was debatable previously, many Man Utd fans would have made their minds up by now since Sir Alex Ferguson has lost his ambassador contract at Old Trafford under Sir Jim Ratcliffe’s “cost-cutting measures”.
Manchester United have axed their multi-million pound annual commitment to former manager Sir Alex Ferguson as INEOS continue their cost-cutting programme, according to The Athletic.
Sir Jim Ratcliffe-led INEOS have been cutting costs and reducing the number of employees at Man United, and the Red Devils legend is the latest to be affected.
Ratcliffe and Ferguson held a face-to-face meeting at Old Trafford, and the former manager was told the club are seeking to reduce costs and are no longer prepared to sustain his payments.
Ferguson was retained as a global club ambassador and club director after he retired in 2013 following 26 years in charge, and he has been paid an annual salary since.
The former boss signed an agreement with Man United on October 17, 2013, becoming a global ambassador and receiving £2.16 million for his services, a deal which has continued for over a decade.
However, he will no longer be paid but will remain a non-executive director at Man United and continue to be allowed to attend games if he chooses to.
The matter has been dealt with amicably but whether Ferguson will continue to regularly attend home and away games in the directors’.
Manchester United have axed their multi-million pound annual commitment to former manager Sir Alex Ferguson as INEOS continue their cost-cutting programme, according to The Athletic.
Sir Jim Ratcliffe-led INEOS have been cutting costs and reducing the number of employees at Man United, and the Red Devils legend is the latest to be affected.
Ratcliffe and Ferguson held a face-to-face meeting at Old Trafford, and the former manager was told the club are seeking to reduce costs and are no longer prepared to sustain his payments.
Ferguson was retained as a global club ambassador and club director after he retired in 2013 following 26 years in charge, and he has been paid an annual salary since.
The former boss signed an agreement with Man United on October 17, 2013, becoming a global ambassador and receiving £2.16 million for his services, a deal which has continued for over a decade.
However, he will no longer be paid but will remain a non-executive director at Man United and continue to be allowed to attend games if he chooses to.
The matter has been dealt with amicably but whether Ferguson will continue to regularly attend home and away games in the directors’ box remains to be seen.
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Former Man United players working with roles at the club already have concerns for their own futures after the cut backs.
They have noticed the removal of credit cards and chauffeur-driven cars, and whether the latest move from INEOS will impact other ambassadors of the club remains to be seen.
Over 250 people are expected to lose their jobs at Man United after Ratcliffe hired a restructuring firm to begin a cost-cutting exercise back in March, and Ferguson is one of the unfortunate victims.
The club announced in July that they posted a net loss of £71.4m during the first quarter of 2024, and Ratcliffe wants to ensure further losses are prevented going forward even if it means cutting some jobs.
