As part of their cost cutting drive, Premier League giants Manchester United are said to have brought to an end a multi-million-pound agreement with their legendary manager Sir Alex Ferguson.
After stepping down as manager in 2013, the 82-year-old became a global club ambassador and club director, reportedly pocketing around £2.16million-a-year for over a decade.
United’s minority owners INEOS have now reportedly ended the agreement after a face-to-face meeting with Sir Jim Ratcliffe, who took over football operations at the club since buying a stake, as first reported by The Athletic.
Further reports have suggested that Ratcliffe reached an amicable agreement with Ferguson that the club, in seeking to reduce costs, were no longer prepared to continue with payments to him.
A lifelong United at heart having served a 26-year reign, Ferguson will now remain as a non-executive director and still welcome to attend the club’s matches.
Ferguson led the Red Devils to 38 trophies, including 13 Premier League titles and two Champions League crowns.
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