INEOS have terminated Sir Alex Ferguson’s contract as a global ambassador for Manchester United, as part of their ongoing cost-cutting process.
Since buying a 27.7 per cent stake in United, INEOS have been on a mission to reduce the club’s expenditures. Now as part of the ongoing process, INEOS chairman Sir Jim Ratcliffe has taken the ruthless decision to terminate legendary former manager Ferguson’s multi-million pound contract as the club’s global ambassador, according to The Athletic.
After announcing his retirement from coaching in 2013, Ferguson remained an integral part of the club as they retained his services as the global ambassador.
The 82-year-old was paid £2.16 million (€2.58m/$2.84m) during his time in the role. He has also been serving as a director on the club’s football board, although that position has been largely ceremonial as he has never been a part of the official board, which now includes the six Glazer siblings, INEOS co-owner John Reece and INEOS Sport’s chairman Rob Nevin, along with two independent directors Robert Leitao and John Hooks
