Former Red Devil coach Sir Alex Ferguson has lost his multi-million-pound Ambassadorial contract with Manchester United.
According to the report by renowned football transfer journalist Fabrizio INEOS made the call with the former Manchester United coach as they continue to cut down cost.
The Athletic reveals that INEOS wanted to cut that contract, they are continuing their cost-cutting policy.
“The matter has been dealt with amicably, as Ferguson will remain a non-executive director at the club and be welcome to attend games”, says Adam Crafton.
Sir Alex Ferguson has been paid a multi-million pound sum by United since his retirement as manager in 2013.
During that period the 82-year-old has acted as a global ambassador and club director. He has been a regular at games and retains a seat in the directors’ box.
Club sources say Ferguson, United’s most successful manager thanks to his 13 Premier League titles, two Champions Leagues, five FA Cups and four League Cups amongst others, will always be welcome at Old Trafford and the decision has been taken amicably following a direct conversation between the Scot and co-owner Sir Jim Ratcliffe last week.
However, it comes as Ratcliffe looks to slash costs in order to invest more money in the team.
Over 250 staff members have been made redundant already in a move the club expect to save around £10m a year.
Last month, United announced a £113m net loss. It is known to be close to the Premier League’s £115m three-year loss limit, although the club has said they are committed to abiding by the rules.
United are currently 14th in the Premier League and manager Erik ten Hag remains in his job before Saturday’s game against Brentford despite intense speculation over his future.