Manchester United cuts continue as Sir Alex Ferguson ambassador role slashed
The most recent casualty of the Ineos-led cost-cutting measures at Manchester United is none other than Sir Alex Ferguson. After retiring as manager in 2013, he took on the role of club ambassador and has since enjoyed a generous salary. Company records from 2014 indicated that he earned £2.16 million for this position.
As Sir Jim Ratcliffe continues to implement cost-saving measures that started shortly after he acquired a 27.7% stake in United last December, the club's most successful manager has been impacted by the same budget cuts that resulted in the loss of 250 staff members over the summer, as reported by the Athletic. It is believed that Ferguson has come to a friendly agreement with the club to end his ambassadorial role at the conclusion of the current season. Now 83 years old, and following the passing of his wife, Lady Cathy, in October 2023, the Scottish manager had been contemplating stepping back from his responsibilities in the near future.
Ferguson was in the directors' box at Villa Park alongside Ratcliffe during United's most recent game, which ended in a goalless draw against Aston Villa on October 6. Even after stepping down 11 years ago, he continues to be a familiar presence among the spectators. It is believed that he will always have a place at Old Trafford, and he still holds the position of non-executive director on the club's board.
The Glazer family, who own the team, assigned that ambassadorial role. However, Ratcliffe, whose Ineos Britannia yacht is currently losing 4-0 to the New Zealand team in the America’s Cup, has made significant changes to the organization since acquiring it. Reports indicate that the 71-year-old personally informed Ferguson about his dismissal.
Last month, United reported losses of £113.2 million for the year ending June 30, 2024. They expect their ongoing efforts to reduce costs to lead to savings of around £40 million to £45 million overall. Additionally, the club's net expenditure on summer transfers amounted to £97.7 million.
