Manchester, England – October 15, 2024
Manchester United has terminated its annual multi-million-pound payments to legendary former manager Sir Alex Ferguson as part of the club’s cost-cutting measures under new co-owner Sir Jim Ratcliffe.
Ferguson, 82, received the payments for his role as global club ambassador and non-executive director after retiring as manager in 2013. However, Ratcliffe informed Ferguson of the decision to end the payments, citing the club’s aim to reduce expenses.
Key Details:
- Manchester United ends payments to Sir Alex Ferguson
- Decision part of cost-cutting measures under Sir Jim Ratcliffe
- Ferguson retains non-executive director role
- Club aims to reduce expenses
- Ratcliffe acquired 27.7% stake in Manchester United in February
Previous owners, the Glazer family, had sanctioned the payments, acknowledging Ferguson’s enduring contribution to the club’s value and legacy.
Ratcliffe’s cost-cutting measures include:
- 250 staff positions cut
- Elimination of free travel for staff
- Withdrawal of club credit cards
- Cancellation of employee Christmas party
Despite investing €240 million in summer transfers, Manchester United struggles this season, sitting 14th in the Premier League table and winless in the Europa League.
Source: PUNCH Newspaper
