Exit Sir Alex! The cost hunt led by Manchester United and its co-owner Jim Ratcliffe led the club to put end of the lucrative club ambassador contract signed in 2013 by the legendary ex-manager of the “Red Devils”.
Now aged 82, Sir Alex Ferguson retired eleven years ago after winning 38 trophies in 26 years on the Manchester United bench (1986-2013), a record without equal in England.
Since then, he has served as the club’s global ambassador in a contract valued, at the time of his signing in October 2013, at £2.16 million annually according to The Athletic, or around £2.6 million. euros according to the current exchange rate.
A decision by Jim Ratcliffe
“In a one-on-one meeting at Old Trafford, INEOS founder and CEO Sir Jim Ratcliffe told Ferguson the club was looking to cut costs and was no longer prepared to take on his remunerationwrote the online media.
The matter was settled amicably and Ferguson will end his role at the end of the current sporting season, according to the newspaper, which cites anonymous sources within the club.
Manchester United has embarked on a major internal reorganization, with savings plans initiated at all levels of the club. This follows the arrival as minority shareholder of Jim Ratcliffe, in charge of football-related operations and also owner of OGC Nice, in February 2024.
Ineos aims to eliminate 250 positions
The British billionaire’s teams announced to staff in July the upcoming loss of 250 jobs, according to The Athletic, which mentions other cost reductions (end of certain free travel for staff on the sidelines of matches, cancellation of the Christmas party , etc.).
In September, Manchester United announced net losses for the fifth consecutive year, amounting to 113.2 million pounds (133.7 million EUR) for last season, despite record revenues.
Despite a spendthrift summer transfer window, the “Red Devils” are in 14th place in the Premier League after seven days.
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