Ferguson to Step Down from Man Utd Ambassador Role Amid Cost-Cutting Measures

Sir Alex Ferguson will step down from his £2 million-a-year ($2.6 million) ambassadorial role with Manchester United at the conclusion of the season, as the club looks to reduce expenses.

The 82-year-old former manager, who led United to 13 Premier League titles and two Champions League victories during his nearly 27-year tenure at Old Trafford, has reportedly agreed to the decision on amicable terms, according to The Athletic. He will continue as a non-executive director on the club’s board, despite stepping back from his global ambassador duties.

The move is part of broader cost-cutting initiatives implemented under INEOS, which took over the club’s football operations earlier this year after founder Jim Ratcliffe acquired a minority stake.

Last month, the club reported losses of £113.2 million ($148 million) for the financial year ending June 30, 2024, marking the fifth consecutive year of financial losses. However, the club maintains compliance with the Premier League’s profitability and sustainability rules.

In addition to Ferguson’s departure, Manchester United has taken other steps to curb expenses, including a redundancy program that eliminated around 250 positions. The team is currently 14th in the Premier League, with manager Erik ten Hag under pressure following a challenging start to the season, ahead of the upcoming match against Brentford.