Ineos has terminated Alex Ferguson’s £2m contract as an ambassador of Manchester United as part of its cost-cutting drive – a move that has attracted the anger of another Old Trafford legend, Eric Cantona.
Ferguson has been paid the annual sum for his roles as a global ambassador and a football board director, ever since stepping down as manager in 2013. Ineos, owned by British billionaire 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, who turns 83 in December, 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. He will retain a role as a non-executive director.
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