Manchester United has officially ended Sir Alex Ferguson’s lucrative ambassadorial role, a decision driven by new part-owners INEOS as part of a broader strategy to reduce club expenses, Soccernet.football reports.
Sir Jim Ratcliffe, chairman of INEOS, personally informed the legendary former manager during a meeting at Old Trafford that the club would no longer continue paying his ambassadorial salary.
According to The Athletic, the move is part of an extensive cost-cutting effort following INEOS’ acquisition of a 27.7% stake in the club in December 2023.
The decision brings an end to Ferguson’s million-dollar annual payments for his work as a global ambassador, which had been in place since his retirement in 2013.
In 2014, financial statements revealed that Ferguson earned £2.16 million ($2.84 million) for his ambassadorial duties.
The Glazer family, United’s previous majority owners, had justified this payment as a “pension” in recognition of Ferguson’s extraordinary contributions to the club.
During his 26-year tenure as Manchester United’s manager, Ferguson secured 38 major trophies, making him the most successful coach in the club’s history.
Though his ambassador role has now ended, Ferguson will remain connected to United as a non-executive director, a ceremonial position that allows him to attend matches and remain involved with the club.
Since INEOS’ involvement, the club has seen various cost-saving measures implemented, including staff layoffs and travel restrictions.
The decision to end Ferguson’s ambassador role is seen as one of the most significant moves in the new ownership’s efforts to reshape the club’s finances.