Man United have reportedly dropped Sir Alex Ferguson from his ambassadorial role at the club.
The former manager, who won 38 trophies over a 26-year spell at Old Trafford, became a global club ambassador after retiring in 2013.
Ferguson, who was also made a director and sat on the club’s football board but not the official board, received an annual salary believed to be over £2 million per year.
New part-owners INEOS have now decided to end Man United‘s contract with and payments to Ferguson at the end of this season, according to The Athletic.
Ratcliffe informed Ferguson that the club are “no longer prepared” to continue paying him during a face-to-face meeting at Old Trafford and the split was said to be amicable.
INEOS have been on a cost-cutting drive since buying 27.7 percent of the club earlier this year. This is set to increase to 28.9 per cent by the end of the year.
Ratcliffe was given control of football operations as part of the deal, but his remit has since expanded to wider business and operational control, despite the fact the Glazers retain majority ownership of the club.
The British billionaire’s team have been implementing cost-cutting measures and informed Man United staff of their intention to slash 250 jobs in July.
Additionally, they have senior executives have had their club credit cards revoked, free travel for staff to May’s FA Cup final against Manchester City was removed, and the club’s employee Christmas party has also been cancelled.
While workers bore the brunt of these austerity measures, the club spent over £200m on transfers in the summer – the second-most of any Premier League club in the window.
