Sir Alex Ferguson’s Man United’s expensive ambassadorial contract terminated
Sir Alex Ferguson is set to step back from his ambassadorial role at Manchester United at the end of the season, a source told ESPN.
The decision has been taken as part of a cost-cutting drive at the club put in place following Sir Jim Ratcliffe’s purchase of a minority stake in February.
It comes after United finalised the redundancies of 250 members of staff in a bid to save around £45 million ($58.8m).
Ferguson has been a club ambassador since 2013 following his decision to retire as manager after more than 25 years at the helm.
The role has earned the legendary former boss more than £2m annually and a source has told ESPN that the agreement has been ended as part of “cost-saving measures across the board.”
A club source told ESPN that the 82-year-old “will always be welcome at Old Trafford” with the decision described as “amicable” and “suiting both parties.”
