Manchester United have axed legendary former manager Sir Alex Ferguson’s £2m-a-year job as a club ambassador as part of a wider cost-cutting exercise.
Ferguson will leave the role, which he has held since stepping down as manager in 2013, at the end of the season following talks described as amicable with Manchester United co-owner Sir Jim Ratcliffe.
The Scot, who won 38 trophies in a golden 27-year spell at Old Trafford, is expected to remain a non-executive director of the Premier League club.
Ratcliffe’s Ineos has made savage cuts since taking charge of football matters at Manchester United following the group’s minority investment at the end of last year.
Around 250 staff were made redundant in August at an expected cost of around £10m, although the move is forecast to generate savings of around £40m.
Manchester United made a loss of £113m last season, increasing their risk of breaching the Premier League’s profitability and sustainability regulations (PSR).
The club have said they still expect to abide by the PSR loss limit of £115m over a rolling three-year period, which allows deductions for certain expenses.
Ferguson was paid £2.13m last year for being a Manchester United ambassador and is a regular presence in the stands for matches.
He sat with Ineos chiefs to watch last week’s 0-0 draw at Aston Villa amid close scrutiny of current Manchester United manager Erik ten Hag’s position.
Ten Hag, who won the FA Cup last year, has overseen the 20-time champions’ worst ever start to a Premier League season, with just eight points from their first seven top-flight games.
They have also failed to win their first two matches in the Europa League, against FC Twente and Porto.
