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Ineos has terminated Sir Alex Ferguson’s £2m contract as an ambassador of Manchester United as part of the new hierarchy’s cost-cutting drive.
Ferguson has been paid the sum for his role as a global ambassador of the club and football board director ever since stepping down as manager in 2013.
Ineos, owned by British billionaire Sir Jim Ratcliffe, has been reducing the club’s spending behind the scenes, telling employees in the summer that 250 jobs would be cut at Old Trafford, United’s Carrington training base and the club’s London office.
Ferguson has now been targeted as another potential saving, and after amicable talks between the legendary former manager and club officials, it was decided that his contract would not be renewed at the end of the season.
more to follow…