According to The Athletic, Manchester United have terminated the ambassadorial contract of Sir Alex Ferguson as part of the cost-cutting policy led by the new majority shareholder, Sir Jil Ractliffe.
The legend does not resist austerity. According to The Athletic, Manchester United has decided to terminate the ambassadorial contract of Sir Alex Ferguson, legendary coach of the club between 1986 and 2013. The Scotsman, who won 38 titles including 13 in the Premier League and two in the Champions League champions (1999, 2008), was appointed global ambassador of the club and director of the club for an annual salary a few months after the announcement of his departure from the Red Devils bench.
Always welcome at Old Trafford
According to a 2016 document, Ferguson received £2.16 million (€2.6 million) for his services in a deal that lasted more than a decade (the site does not specify whether this sum is global). is annual). The Scotsman was also still on the club’s board of directors in an obviously very ceremonial (but not official) role, as was also the case with Sir Bobby Charlton (before his death in 2023), David Gill, former general manager, and Michael Edelson, non-executive director.
The decision to terminate Ferguson’s contract is linked to the cost reduction policy led by INEOS, the club’s new shareholder, and its boss Sir Jim Ractliffe who acquired 27.7% of the club’s shares last February. Ferguson, aged 82 and a frequent spectator of Manchester United matches in the home and away directors’ box, was reportedly received on Tuesday by Ratcliffe, founder and CEO of INEOS, who explained to him that the club was looking to cut costs and was no longer willing to pay his dues.
The matter is understood to have been settled amicably and Ferguson will remain a non-executive director of the club and always welcome to attend matches. The Glazer family, who remain majority shareholders, continued to pay Ferguson a salary in the belief that much of the club’s value is due to Ferguson’s work and legacy. Ratcliffe, who is responsible for controlling the club’s football, commercial and operational operations, disagrees. He is engaged in a policy of drastic reduction in expenses. In July, the club announced its intention to cut 250 jobs.
