Manchester United’s minority owners, INEOS, have reportedly brought an end to Sir Alex Ferguson’s lucrative ambassadorial agreement with the club as part of ongoing cost-cutting measures.
Softfootball added that the decision forms part of INEOS’ wider financial restructuring since acquiring a stake in the Premier League club, with the company reviewing several long-standing expenses in a bid to improve operational efficiency.
Following his retirement as Manchester United manager in 2013, Alex Ferguson remained with the club as a global ambassador and non-executive director, receiving an annual payment reportedly worth around £2.16 million.
The ambassadorial agreement, signed on October 17, 2013, was first disclosed in the club’s 2014 financial accounts and remained in place for more than a decade.
According to The Athletic, INEOS founder Sir Jim Ratcliffe personally informed Ferguson during a face-to-face meeting at Old Trafford that the club would no longer continue the annual payments as it seeks to reduce expenditure.
Despite the decision, sources close to Manchester United indicated the matter was handled amicably, with Ferguson expected to remain a non-executive director and continue attending matches in the directors’ box at both home and away fixtures.
The Glazer family, who remain majority owners of the club, had previously supported the arrangement, believing Ferguson’s remarkable success and legacy continue to play a significant role in Manchester United’s global stature and commercial value.
