INEOS ends Sir Alex Ferguson’s mega contract with Manchester United

INEOS has been working to cut United's spending ever since purchasing a 27.7% share in the team. According to The Athletic, INEOS chairman Sir Jim Ratcliffe has mercilessly decided to discontinue the illustrious former manager Ferguson's mulch-million-pound contract as the club's worldwide ambassador as part of the continuing process. Ferguson remained a vital member of the team even after declaring his retirement from coaching in 2013, as they continued to use him as their global spokesperson.

During his tenure in the position, Sir Alex Ferguson received 2.16 million euros. He has also been a director on the club's football board, but that role has mostly been ceremonial because he has never been a member of the official board, which currently consists of two independent directors, Robert Leitao and John Hooks, the six Glazer siblings, INEOS co-owner John Reece, and INEOS Sport's chairman Rob Nevin.

🚨 INEOS have decided to cut Sir Alex Ferguson’s multi-million-pound ambassadorial contract with Manchester United, reports @AdamCrafton_ on @TheAthleticFC.

Ferguson will remain a non-executive director at the club, still obviously welcome to attend Man United games. pic.twitter.com/4uOjJQZqwE

— Fabrizio Romano (@FabrizioRomano) October 15, 2024

INEOS co-owner Sir Jim Ratcliffe met with Ferguson in person at Old Trafford and told him that he would have to stop making payments to save expenses. Ferguson will continue to serve as the club's non-executive director and is welcome to attend games. Ferguson has served as a director on the football board of the club, a largely ceremonial role. This board has also included other notable individuals, such as previous CEO David Gill and Sir Bobby Charlton. Ferguson does not, however, sit on the official board, which is made up of INEOS officials and the Glazer siblings.

Ferguson still frequently attends both home and away Manchester United games. He is eighty-two years old and frequently appears in the directors' box during games. The club's principal owners, the Glazer family, have previously backed Ferguson's bonuses because they think his reputation significantly raises the club's future worth. Ferguson, in contrast to many former employees, has refrained from publicly criticizing the Glazers' management.

Manchester United might deteriorate

If United's performance under manager Erik Ten Hag does not improve, the team's financial situation might deteriorate because a sizable payout might be needed if he is fired. The club projected annual savings of between 40 million euros and 45 million euros in previous financial accounts. Ratcliffe sat close to Ferguson in the directors' box at his first United game in January. Ratcliffe commended Ferguson for his extensive background and profound comprehension of the club's principles and customs, demonstrating his unwavering love for Manchester United.