Sir Alex Ferguson to step down as Manchester United ambassador in cost-saving move

Alex Ferguson, the legendary former manager of Manchester United, has announced that he will be stepping down from his reported £2 million-a-year ($2.6m) ambassador role with the club at the end of the season. This move is part of a cost-cutting initiative by the club. Ferguson, who is 82 years old, enjoyed tremendous success during his nearly 27-year tenure at Old Trafford, winning 13 Premier League titles and two Champions League trophies. The decision was reportedly made amicably, with Ferguson set to relinquish his global ambassador role once the season concludes.

Ferguson, a regular at matches since he stepped down in 2013, will remain a non-executive director of the football club board. It comes as part of a wider cost-cutting exercise at United under INEOS, which has had responsibility for football operations at the club since its founder Jim Ratcliffe completed the purchase of a minority stake earlier this year.

Last month United posted losses of £113.2 million ($148 million) for the year ending June 30, 2024 -- their fifth straight year of losses. But the club said they are compliant with the Premier League's profitability and sustainability rules.

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United have instigated a number of cost-saving measures, including a redundancy programme that cut about 250 jobs.

They are currently 14th in the Premier League after a poor start to the season, with manager Erik ten Hag under intense pressure ahead of Saturday's game against Brentford.

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