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Sir Jim Ratcliffe has continued their plans to cut costs at Manchester United by bringing to a close a multi-million-pound annual commitment to Sir Alex Ferguson.
Since Ratcliffe bought his minority share at United, taking over the football operations at the club, the INEOS owner has made a significant number of changes in the attempts to cut costs for the club, relieving the pressures of Profit and Sustainability Rules (PSR).
Before now we’ve seen INEOS complete a redundancy exercise which caused 250 United employees to lose their jobs and some staff members no longer invited to cup-winning after parties and on the pre-season tour to shrink costs.
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However, the biggest and most controversial change has just come to light.
Sir Jim Ratcliffe ends Sir Alex Ferguson’s role at Old Trafford
Since retiring from management in 2013, Sir Alex Ferguson has been retained as a global club ambassador and club director, receiving an annual salary from the club.
Ferguson is without a doubt, one of the greatest managers of all time, let alone for United, with an impressive 38 trophies over his 26 years at Old Trafford.
It’s understood that Ferguson has been receiving a salary of £2.16 million a year for his role as a club ambassador, as per the club’s 2014 accounts which acknowledged the agreement between United and the legendary manager.
However, in a face-to-face meeting at Old Trafford, the INEOS owner told Ferguson that the club are no longer looking to pay his continued salary in a bid to continue cutting costs. Sources at Old Trafford said that the matter as dealt with amicably and he will retain his role as a non-executive director at the club and will continue attending games as he pleases.
The continued salary for Ferguson was agreed upon by the Glazers who firmly believed that the club’s continued value generated comes from the success that Sir Alex achieved with the club, lifting them to the top of world football for nearly three decades.
It’s understood that this salary is going to be honoured until the end of the season, however will not extend past June.
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