Manchester United’s minority owner, Sir Jim Ratcliffe, has opened up on the decision to terminate Sir Alex Ferguson’s ambassadorial role, citing financial concerns as the key reason.
Ferguson, who retired as manager in 2013, had been serving as a club ambassador under a lucrative £2 million-a-year contract.
However, in 2024, following Ratcliffe’s partial takeover of the club, the deal was brought to an end.
Ratcliffe, who now holds a 28.94 percent stake in United, explained that Ferguson agreed to step down after discussions about the club’s financial struggles.
“I sat down with Alex and said to him that the club is spending more than it’s making, that we are going to be in trouble and we can’t afford to keep paying him £2m a year,” Ratcliffe told The Telegraph.
“I gave him time to think about it and he came back three days later, after speaking to his son, and said: fine, I’m going to stand down. That’s my decision.
“I think that’s a very good reflection on Alex, because he put the club before himself.”
Ratcliffe further revealed that United was at risk of running out of cash by the end of the year without urgent cost-cutting measures.
In addition to Ferguson’s contract termination, the club has scrapped free lunches for staff, cut 250 jobs—with another 200 potentially at risk—and ended a £40,000-a-year donation to a charity supporting former players.
