Sir Alex Ferguson will no longer serve as an ambassador for Manchester United after the role was scrapped by INEOS, the club's minority investors, as part of a widespread cost-cutting campaign.
INEOS co-founder and CEO Sir Jim Ratcliffe reportedly told Ferguson of the decision during an in-person meeting at Old Trafford, per The Athletic. Ferguson has been an ambassador for the club since 2013, shortly after retiring from management, and was paid $2.8 million annually for his services. The former manager will continue in the role through the end of the 2024-25 season but will hang onto his mostly ceremonial position as a director on United's football board.
Ferguson is easily the most successful figure in the club's history, ushering in an unprecedented era of success that turned United into one of the world's most dominating sports teams. Under Ferguson's leadership, United won 13 Premier League titles and two UEFA Champions League titles in 26 years. Ferguson's United team also won the treble in the 1998-99 season, becoming the first English team to do so.
While Ferguson's role as ambassador was reportedly seen as a reward for his accomplishments by the Glazer family, who are the majority owners of the club, Ratcliffe has clearly taken a different view.
Ratcliffe's INEOS acquired a 25% stake in United for $1.3 billion in February, a transaction that saw the billionaire assume control of sporting operations. His power, though, has since been extended to include certain business and operational responsibilities, which has allowed Ratcliffe to embark on a cost-cutting project in his first months at the club.
Most notably, United cut 250 jobs over the summer, which impacted almost every department at the club. INEOS also took company credit cards away from several senior staff and scaled back travel costs upon recommendation from a consultancy firm that was hired by United to review the club's business and operational outgoings.
It is currently unclear if United's choice to end Ferguson's ambassadorship will impact other club ambassadors.
