Foot & Soccer Soccer Match Reports, Football News
October 15 – The latest casualty of the Ineos-led cost-cutting drive at Manchester United is none other than Sir Alex Ferguson, the club’s legendary former manager.
Appointed as a club ambassador in 2013 after his illustrious managerial career, Ferguson has been a steadfast presence at Old Trafford, reportedly earning a stipend of £2.16 million as of 2014.
However, the ongoing financial restructuring initiated by Sir Jim Ratcliffe – who acquired a 27.7% stake in United last December – has led to sweeping changes across the club, including the decision to eliminate over 250 staff positions.
It is understood that Ferguson reached an amicable agreement with the club to step down from his ambassadorial duties at the conclusion of the current season. That being said, he will retain his position as a non-executive director on the football club board.
While his ambassadorial role was established during the Glazer family’s ownership, Ratcliffe’s personal approach to informing Ferguson of his termination underscores the significant shifts underway at the club. The 71-year-old businessman continues to reshape the organisation amid reported losses of £113.2 million for the fiscal year ending June 30, 2024, with ongoing cost-cutting measures projected to save between £40 million and £45 million in total.
At 83 years old, Ferguson faces personal challenges, having lost his wife, Lady Cathy, in October 2023; this loss has prompted him to consider gradually reducing his responsibilities.
Despite his newly announced departure from the ambassadorial role, Ferguson was seen alongside Ratcliffe in the directors’ box during United’s recent 0-0 draw at Aston Villa just before the international break and is expected to continue as part of the Old Trafford furniture for years to come.
Contact the writer of this story, Harry Ewing, at moc.l1729005768labto1729005768ofdlr1729005768owedi1729005768sni@g1729005768niwe.1729005768yrrah1729005768.
Source link : https://www.insideworldfootball.com/2024/10/15/ratcliffes-man-utd-cost-cutting-reaches-sir-alex/
Author : Paul Nicholson
Publish date : 2024-10-15 05:17:43
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