Manchester United Football Club has announced the termination of its ambassadorial contract with the club's esteemed figure, Sir Alex Ferguson.
Consequently, Ferguson will be stepping back from his current ambassadorial role after the season.
According to reports from ESPN, this decision aligns with the club's ongoing cost-cutting initiatives following the acquisition of a minority stake by Sir Jim Ratcliffe in February. As part of this drive, the club has finalized the redundancies of 250 staff members, resulting in approximately £45 million in savings.
Sir Alex Ferguson has served as a club ambassador since 2013, after his retirement as manager. During this time, the 82-year-old has reportedly earned an annual sum exceeding £2 million.
Sources close to the matter emphasize that Ferguson "will always be welcome at Old Trafford," characterizing the decision as "amicable" and "mutually beneficial" for both parties.