Manchester United’s minority shareholders INEOS have reportedly axed a multi-million pound payment to Sir Alex Ferguson as part of their continuing cost-cutting measures.
Ferguson, who is the club’s most successful manager having led the club to 13 Premier League titles, will continue as a global club ambassador and club director according to The Athletic.
1
Following his exit as United boss in 2013m Ferguson took up the role as ambassador signing an agreement worth £2.16million.
This arrangement continued for over a decade coupled with his duties as a director on the club’s board alongside the late Sir Bobby Charlton.
Responding to the news, fans wrote on social media: “INEOS ‘sack’ Fergie too?”
Another said: “Is this not effectively his pension ? Obviously he won’t starve but pretty disgusting he’s literally bigger than the club.”
A third wrote: “Bit of an odd move.”
Manchester United insist the decision is amicable and that Ferguson will remain a non executive director on the ceremonial ‘football board’ but his paid ambassadorial role will terminate at the end of the season.
INEOS’ cost-cutting drive has been in effect since taking office in the spring which has seen 250 jobs slashed, the removal of club credit cards and the withdrawal of free travel for staff to May’s FA Cup final.
With the aim of further expenditure cuts, INEOS honed in on the payment to Ferguson and in a face-to-face meeting, Sir Jim Ratcliffe told the legendary manager of his intention to reduce costs and that his payments would not be continued beyond the end of the current campaign.
The Glazers, Manchester United’s majority owners, were previously happy to sanction the payments to Ferguson post-retirement.
Sources close to Joel and Avram Glazer claim the pair believe that club’s value is a result of Ferguson’s work and legacy.
