Sir Jim Ratcliffe and INEOS have made the shocking decision to terminate Sir Alex Ferguson’s ambassadorial contract with Manchester United as part of sweeping cost-cutting measures at Old Trafford.
The legendary Scottish manager, who led United to 38 trophies during his 26-year tenure, had retained a global club ambassador and director role since his 2013 retirement.
Ferguson received £2.16 million annually for his duties, as disclosed in the club’s 2014 accounts.
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However, Ratcliffe and INEOS, who acquired minority control of United in February, have been relentlessly streamlining costs.
A face-to-face meeting between Ratcliffe and Ferguson reportedly ended amicably, with Ferguson transitioning to a non-executive director role without payments beyond the 2024-25 season.
This move follows significant cost-cutting measures, including:
• 250 job cuts in July, saving £10 million annually
• Senior executives losing club credit cards
• Cancellation of the employee Christmas party
Interestingly, United spent over £200 million on five new signings in the summer, becoming the Premier League’s second-highest spender.
Despite this, the team struggles in 14th place after seven games, intensifying pressure on manager Erik ten Hag.
The Glazer family, United’s majority owners, had been satisfied with Ferguson’s arrangement, acknowledging his past successes as a driving factor behind the club’s value.
Ratcliffe and INEOS’s decision marks a significant shift in United’s operational strategy.
As Ferguson continues to attend games in the director’s box, his adjusted role underscores the changing landscape at Old Trafford.
