Man Utd Ends Ambassadorial Partnership with Sir Alex Ferguson

Report have emerged on Tuesday that Manchester United has decided to terminate Sir Alex Ferguson's £2 million contract as a global ambassador. This decision is part of a broader cost-cutting initiative led by INEOS, the club's new part-owner.

Sir Jim Ratcliffe, the British billionaire behind INEOS, has been actively reducing expenditures at Old Trafford since acquiring a 27.7% stake in the club earlier this year. The termination of Ferguson's contract marks a major step in these efforts.

Ferguson, who retired as manager in 2013 after a legendary 26-year tenure during which he secured 38 trophies for the club, has been serving as a global ambassador and football board director.

Despite the end of his ambassadorial role, Ferguson will continue to hold a position as a non-executive director and remain a regular presence at United games.

The decision to end Ferguson's ambassadorial duties comes amid a series of financial adjustments at Manchester United, including plans to cut 250 jobs and other cost-saving measures. While the Glazer family, the club's majority owners, have historically supported Ferguson's remuneration due to his immense contributions to the club, the current financial strategy necessitated this change.