Manchester United terminates Sir Alex Ferguson’s multi-million pound ambassadorial contract

Manchester United part-owners, INEOS have terminated Sir Alex Ferguson’s multi-million-pound contract.

The 82-year-old managed the Red Devils for 26 seasons, winning 38 titles at Old Trafford.

Ferguson became a global ambassador for the Manchester club when he decided to leave coaching in 2013. But, according to The Athletic, Sir Jim Ratcliffe’s company has decided to end the former manager’s link with the club.

According to Mirror UK, the agreement said to be worth in excess of £2million-a-year and in place since October 2013, has now been terminated by Ineos.

It was gathered that Both Sir Jim Ratcliffe and Sir Alex Ferguson reportedly met this week to try to reduce the club’s costs.

At that meeting, they concluded that Manchester United would not continue to pay him beyond this campaign, thus cutting his multi-million-pound contract.

The meeting was allegedly amicable, and there is no issue between the club and Ferguson, who remains a non-executive director of the club.

Ratcliffe acquired a minority stake in his boyhood club back in December and has overseen some off-field changes, including a shake-up of the club’s backroom structure and a number of redundancies after outlining plans to axe 250 members of staff.