Ex-manager reported to receive more than £2m a yearEric Cantona hits out at ‘scandalous’ decisionJohn BrewinTue 15 Oct 2024 06.44 EDTLast modified on Tue 15 Oct 2024 17.20 EDTShareThe latest victim of the Ineos-led economy drive at Manchester United is none other than Sir Alex Ferguson. Since his appointment as a club ambassador in 2013, after stepping down as manager, ­Ferguson has been the recipient of a lucrative stipend, with company accounts in 2014 showing he received £2.16m for that role.
Now, as Sir Jim Ratcliffe ­con­tinues the cost-saving begun soon after his purchase of 27.7% of United last December, the club’s most ­successful manager has fallen victim to the same cuts that removed 250 staff from the United payroll during the summer, as first reported by the Athletic. It is understood Ferguson reached an amicable agreement with the club to cease his ambassador duties when the current ­season ends. Aged 83 in December, and a ­widower after the death of his wife, Lady Cathy, in ­October 2023, the Scot is said to have been planning to step down from his duties in due course.
The Ineos Effect: hit and miss as Jim Ratcliffe’s tentacles have gone globalRead moreFerguson was sat in the Villa Park directors’ box in the company of ­Ratcliffe during United’s last match, a 0-0 draw at Aston Villa on 6 ­October, and has remained a very recog­nisable face in the crowd in the 11 years since stepping down. He will continue to be welcome at Old Trafford, it is ­understood, and he remains a non‑executive director of the ­football club board.
That ambassadorial role was granted by the Glazer family ­owner­ship but Ratcliffe, whose Ineos ­Britannia vessel trails its New ­Zealand counterpart 4-0 in the ­America’s Cup, has taken heavy steps to ­overhaul the business since buying in. The 71‑year‑old is understood to have given Ferguson the news of his ­termination in person.
Last month United posted losses of £113.2m for the year ending 30 June 2024 and their continued ­cost-cutting measures are projected to save between £40m and £45m in total. The club’s summer transfer net spend was £97.7m.
<p lang=\"en\" dir=\"ltr\">If Sir Alex can be taken out, then NO ONE IS SAFE at <a href=\"https://twitter.com/ManUtd?ref_src=twsrc%5Etfw\">@ManUtd</a> – anyone can get it now. Ineos sending a message to ANYONE at the club?!?</p>&mdash; Rio Ferdinand (@rioferdy5) <a href=\"https://twitter.com/rioferdy5/status/1846192947970093548?ref_src=twsrc%5Etfw\">October 15, 2024</a></blockquote>"}}”>If Sir Alex can be taken out, then NO ONE IS SAFE at @ManUtd – anyone can get it now. Ineos sending a message to ANYONE at the club?!?
— Rio Ferdinand (@rioferdy5) October 15, 2024