The latest casualty of the cost-cutting measures at Manchester United, led by Ineos, is Sir Alex Ferguson. Since his appointment as a club ambassador in 2013, following his retirement as manager, Ferguson has been receiving a substantial stipend. Company accounts from 2014 revealed that he earned £2.16m for his role. Now, as Sir Jim Ratcliffe continues the cost-saving initiatives he started shortly after acquiring 27.7% of United last December, the club's most successful manager has fallen victim to the same cuts that led to the removal of 250 staff members from the payroll during the summer, as initially reported by The Athletic.
It is understood that Ferguson has reached an amicable agreement with the club to end his ambassadorial duties when the current season concludes. At 83 years old in December and a widower following the death of his wife, Lady Cathy, in October 2023, the Scot was reportedly planning to step down from his duties in due course. Ferguson was seen in the Villa Park directors' box alongside Ratcliffe during United's recent match, a 0-0 draw against Aston Villa on 6 October, and has remained a prominent figure in the crowd since stepping down 11 years ago.
Ferguson will still be welcome at Old Trafford and remains a non-executive director of the football club board. The ambassadorial role was granted by the Glazer family, but Ratcliffe, whose Ineos Britannia vessel is trailing 4-0 against New Zealand in the America's Cup, has taken significant steps to overhaul the business since his acquisition. The 71-year-old is believed to have personally informed Ferguson of his termination.
Last month, United reported losses of £113.2m for the year ending June 30, 2024, and their ongoing cost-cutting measures are expected to save between £40m-45m in total. The club's net spend on transfers during the summer was £97.7m.
