Sir Alex Ferguson's Man United £2.16MILLION contract is ended

Manchester United have reportedly ended a multi-million-pound agreement with their legendary manager Sir Alex Ferguson as part of a cost-cutting drive.

Ferguson became a global club ambassador and club director after stepping down as manager in 2013 after a 26-year reign.

He reportedly received £2.16million-a-year to serve as a global ambassador for the club in an agreement which has continued for over a decade.

According to the Athletic, the agreement has now been ended by the club's minority owners Ineos following a face-to-face meeting with Sir Jim Ratcliffe.

The move comes as part of a cost-cutting driver by Ratcliffe since Ineos took over football operations at the Premier League giants. 

The report claims Ratcliffe had told Ferguson that the club are not longer prepared to continue the payments as they seek to reduce costs.

The ending of the agreement was claimed to have been dealt with amicably, with Ferguson remaining as a non-executive director and welcome to attend matches. 

Ferguson had been pictured with Man United's hierarchy at the club's last Premier League match before the international break against Aston Villa.

Ratcliffe was in attendance for the 0-0 draw, which came ahead of a scheduled board meeting last week. 

The British billionaire had hailed Ferguson as an 'essential part of Man United's history' in February after Ineos had become minority owners.

'I mean he’s the world's [most] iconic coach, and he's just an essential part of that Manchester United history,' Ratcliffe told Man United's club website.

'I mean, he has made history for Manchester United in those 27 years he was there really. And, you know, he was the greatest manager of his generation.'

Ferguson had led Man United to 38 trophies, including winning 13 Premier League titles and the Champions League on two occasions. 

Man United have also reportedly cancelled a Christmas party for employees amid Ineos' cost-cutting drive. 

Ratcliffe and his INEOS team embarked upon a root-and-branch financial review after taking a quarter stake in the club earlier this year.

Mail Sport revealed this led to them making around 250 redundancies. 

The club have strived to create a leaner business and ensure that the club maximises the amount it can spend on its playing squad.

Usage of private chauffeurs and company credit cards were among the first areas targeted, with incoming officials staggered by a perceived overspend.

And some staff were left dismayed when they were told they would have to pay for transport to the FA Cup Final in a break from tradition.

Other perks for senior staff, such as a pre-match party, lunch after the match, and hotel accommodation, were scrapped entirely, as was the ability for those employees and directors to bring their friends and family to the Wembley showpiece.