Manchester United has decided to stop paying the million-dollar annual salary it gave to Alex Ferguson as the team’s ambassador. Through the new owners of INEOS, who own 27.7% of United, they have cut Ferguson’s salary as a measure to reduce the club’s expenses, according to TheAthletictherefore ending its contractual relationship with the red devils.
There is no official record of how much money Ferguson received from the English club, but United’s 2014 accounts show that the most successful coach in its history earned €2.6 million as a “global ambassador.” This is because the Glazers, the family that owns the majority stake in United, believe that Ferguson’s successes helped the club generate the income it has today and decided to give him that “pension.”
Ferguson spent 26 years at Manchester United and won 38 trophies during that time. In 2013 he left the club. Now, despite having lost his salary, he will maintain the position of non-executive director of the club.
Jim Ratcliffe, owner of INEOS, informed Ferguson that they would no longer pay him as a measure to reduce costs at the club. Since Ratcliffe joined United at the end of last year, he has carried out a policy of cuts that began by laying off 250 workers, removing credit cards from managers and eliminating free trips for employees to the last FA Cup final. month of May against Manchester City, in addition to having canceled the company’s Christmas party last year.
