Manchester United's co-owner Jim Ratcliffe (L) takes his seat beside former manager Alex Ferguson (R)(Image: AFP via Getty Images)

Man Utd 'terminate' Sir Alex Ferguson contract in shock Ratcliffe move

Manchester United part-owners Ineos have reportedly terminated a seven-figure ambassadorial contract with Sir Alex Ferguson after telling him they cannot afford to continue paying him

by · Wales Online

Manchester United part-owners Ineos have reportedly terminated a lucrative ambassadorial contract with Sir Alex Ferguson. The legendary manager, who led the club for 26 years before stepping down in 2013, had signed an agreement to become a global ambassador for the club shortly after his departure.

According to The Athletic, this seven-figure deal, which has been in place since October 2013, has now been ended by Ineos. It's reported that Ferguson was informed of the decision during a face-to-face meeting with Sir Jim Ratcliffe, who explained that the club was looking to cut costs and could no longer afford to pay him beyond this season.

Despite this, sources claim the meeting was friendly and there is no bad blood between Ferguson, who remains a non-executive director at the club, and its management. Ratcliffe, who bought a minority stake in his childhood club last December, has implemented several off-field changes, including restructuring the club's backroom staff and making several redundancies.

He has previously spoken highly of Ferguson, who is the most successful manager in Manchester United's history, having won 38 trophies during his time at Old Trafford.

Ratcliffe, speaking earlier in February, shared: "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," reports the Mirror.

"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."