The latest victim of the Ineos-led economy drive at Manchester United is none other than Sir Alex Ferguson. Since his appointment as a club ambassador in 2013, after stepping down as manager, Ferguson has been the recipient of lucrative stipend, with company accounts in 2014 showing his received £2.16m for that role.
Now, after Sir Jim Ratcliffe continues the cost-saving begun soon after his purchase of 27.7% of United last December, the club’s most successful manager has fallen victim to the same cuts that removed 250 staff from the United payroll during the summer, as first reported by The Athletic. It is understood Ferguson reached an amicable agreement with the club to cease his ambassador duties when the current season ends. At 83 in December, and a widower after the death of his wife, Lady Cathy, in October 2023, the Scot is said to have been planning to step down his duties in due course.
Ferguson was sat in the Villa Park directors’ box in the company of Ratcliffe during United’s last match, a 0-0 draw at Aston Villa on 6 October, and has remained a very recognisable face in the crowd in the 11 years since stepping down. Ferguson will remain welcome at Old Trafford, it is understood, and he still remains a non-executive director of the football club board.
That ambassadorial role was granted by the Glazer family ownership but Ratcliffe, whose Ineos Britannia vessel trails its New Zealand counterpart 4-0 in the America’s Cup, has taken heavy steps to overhaul the business since buying in. The 71-year-old is understood to have given Ferguson the news of his termination in person.
Last month United posted losses of £113.2m for the year ending 30 June 2024 and their continued cost-cutting measures are projected to save between £40m and £45m in total. The club’s summer transfer net spend was £97.7m.
