Man United axe contract with Sir Alex Ferguson in cost-cutting measure

Sir Jim Ratcliffe sacking everyone apart from the one person who should be

This comes as part of further measures by new part-owners INEOS to stem the club's haemorrhaging money issue which even means cutting ties with the greatest person in the club's history.

Sir Alex Ferguson left in 2013, following on from a 26-year tenure during which he won 38 trophies, but was retained as a global club ambassador and club director.

For this job he was compensated generously with an annual salary which totalled millions of pounds per year.

However, despite Ferguson's 11-years spell at the club as an ambassador, there is only one reference to this role seen in the club's 2014 accounts where it read he received £2.16million for his services.

Meanwhile Ferguson has remained a United director on the club's football board, although the role is reportedly more ceremonial than functional, previously featuring the likes of the late Sir Bobby Charlton and former chief executive David Gill.

Ferguson is not a member of the club's official board.

The former United manager, who is now 82-year-old, is a regular attendee of games, but the club are trying to reduce spending in every area they can.

The Athletic reported that a face-to-face meeting had taken place between minority owner Sir Jim Ratcliffe and Ferguson, with the pair coming to an amical resolution, with the club cutting his salary, but allowing the Scot to attend games whenever he pleases.

Previously, when the Glazers had sporting control, they kept Ferguson as a paid ambassador with sources familiar with Joel and Avram Glazer claiming they likely believed much of the value that the club continues to generate is owed to Ferguson’s work and legacy.

Meanwhile Ferguson is one of the few to have never publicly criticise the Glazer family.

Sources close to Ferguson say that the legend has been saddened by the redundancy of many former colleagues and close friends at Old Trafford in the wake of widespread job cuts.

Ratcliffe hopes to save £40million to £45million per year through these cost cuts.

The INEOS owner sat next to Ferguson at his first game after acquiring his minority share in the club earlier this year and spoke about his meeting with Ferguson.

He said: "He was the first person I met when I went up there which I think was the second week of January and I had a meeting from 9am to 10am at his house and I left at 1pm.
He never stopped. He’s got a lot of experience, a lot of stories to tell and a lot of thoughts about the club.

"I don’t think he has been encouraged to get involved but he is still very thoughtful about the club and he has an immense amount of experience. He really understands the values and traditions of the club and what it’s all about. He’s still fiercely competitive, Alex Ferguson.”