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Manchester United are working to establish a lean business where most of the revenue they collect will be targeted towards the playing squad
Manchester United has terminated its long-standing contract with legendary manager Sir Alex Ferguson as part of a broader cost-cutting strategy under minority owners Ineos.
This decision marks the end of an era for a man who led the club to unprecedented success during his 26-year tenure.
Ferguson, who became a global ambassador for Manchester United following his retirement in 2013, was receiving a substantial £2.16 million per year under his ambassadorial agreement.
However, according to BBC, Sir Jim Ratcliffe, the billionaire owner of Ineos, communicated the termination of this contract during a recent face-to-face meeting with Ferguson, emphasizing the need for financial austerity as the club navigates its operational challenges.
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This decision aligns with Ratcliffe's recent initiatives to streamline expenses across the organization, which have included significant staff reductions and the cancellation of traditional employee perks, such as the club’s annual Christmas party.
The restructuring comes in the wake of a comprehensive financial review since Ineos acquired a quarter stake in Manchester United earlier this year.
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Despite the termination of his contract, Ferguson is expected to remain involved with the club as a non-executive director and will continue to attend matches.
The split was reported to be amicable, with both parties acknowledging Ferguson's invaluable contributions to the club's history.
Ferguson is credited with leading Manchester United to 38 major trophies, including 13 Premier League titles and two UEFA Champions League victories.
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Ratcliffe has previously lauded Ferguson as an "essential part of Manchester United's history," recognizing his status as one of the most iconic managers in the sport. “He has made history for Manchester United, and he’s the greatest manager of his generation,” Ratcliffe stated earlier this year.
This decision raises questions about the future direction of the club and the impact of such changes on its legacy.
Manchester United fans have been left pondering whether this is a necessary step towards a more sustainable future or a move that risks alienating a crucial part of the club’s heritage.
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