Manchester United axe big money commitment to managerial legend | OneFootball

Manchester United have axed their multi-million pound annual commitment to former manager Sir Alex Ferguson as INEOS continue their cost-cutting programme, according to The Athletic.

The Sir Jim Ratcliffe-led company have been cutting costs and reducing the number of employees at Man United, and the Red Devils legend is the latest to be affected.

Ratcliffe and Ferguson held a face-to-face meeting at Old Trafford, and the former manager was told the club wants to reduce costs and are no longer prepared to sustain his payments.

Ferguson was retained as a global club ambassador and club director after he retired in 2013, after 26 years in charge. He has been paid an annual salary since then.

The former boss signed an agreement with Man United on October 17, 2013, becoming a global ambassador and receiving £2.16 million for his services – a deal which has continued for over a decade.

However, he will no longer be paid, but will remain a non-executive director at Man United and continue to be allowed to attend games if he chooses to.

The matter has been dealt with amicably, but it is unclear whether Ferguson will continue to attend home and away games in the directors’ box.

Former Man United players working at the club already have concerns for their own futures after cutbacks such as the removal of credit cards and chauffeur-driven cars.

Over 250 people are expected to lose their jobs at Man United after Ratcliffe hired a restructuring firm to begin a cost-cutting exercise in March.

The club announced a net loss of £71.4m during the first quarter of 2024. Ratcliffe wants to prevent further losses, even if it means cutting some jobs.