Manchester United’s minority owner Sir Jim Ratcliffe gave his opinion on Sir Alex Ferguson’s role at the club earlier this year, months before terminating a multi-million pound contract with the legendary manager.
The former Red Devils boss continued to receive a salary from the club after becoming a global ambassador following his retirement in 2013.
In 2014, Mail Sport revealed that the legendary manager earned a whopping £2,165,000 between October 2013 and June 2014.
According to The AthleticsFerguson will no longer receive these payments after being informed by Ratcliffe during a face-to-face meeting at Old Trafford.
The decision comes as part of a cost-cutting drive overseen by Ratcliffe and Ineos since they became the club’s minority owners earlier this year.
Sir Jim Ratcliffe (right) has reportedly walked away from a £2.16million contract with Sir Alex Ferguson
Ferguson had become a global ambassador for Man United after retiring in 2013
Ferguson spent 26 years at Old Trafford and led the side to 38 trophies, including 13 Premier League titles
Ratcliffe had spoken about Ferguson’s role at the club in a wide-ranging interview with journalists in February.
The billionaire insisted that Ferguson understands ‘the values and traditions’ of the club and had expressed his views in their initial discussions.
“He was the first person I met when I went there, which I think was the second week of January, and I had a 9 to 10 meeting at his house and I left at 1 o’clock,” Ratcliffe said.
‘He never stopped. He has a lot of experience, a lot of stories to tell and a lot of thoughts about the club.
‘I don’t think he has been encouraged to get involved but he still thinks very carefully about the club and has a huge amount of experience.
‘He really understands the values and traditions of the club and what it’s all about.
“He’s still very competitive, Alex Ferguson.”
Speaking to Man United’s club website, Ratcliffe added: ‘I mean, he’s of the world [most] iconic coach, and he is just an essential part of Manchester United’s history.
Ferguson was seen with Man United’s new hierarchy during the club’s final match at Aston Villa
The legendary boss remains club director and can regularly be seen in the stands at matches
‘I mean, he made history for Manchester United in the 27 years he was there. And you know, he was the best manager of his generation.”
Ferguson had led Man United to 38 trophies, including winning 13 Premier League titles and the Champions League twice.
The 82-year-old is understood to have understood the decision to end the deal as part of cost savings, while he remains club director and is welcome to attend matches.
Ferguson is said to have been saddened to see former colleagues and friends lose their jobs at Old Trafford in recent months. Earlier this year, Ratcliffe and his team began a thorough financial review after taking a quarter of the club’s shares, leading to around 250 redundancies.
The Scot was pictured with Man United’s hierarchy during the club’s final Premier League match before the international break against Aston Villa.
Ratcliffe was present for the 0-0 draw, ahead of a planned board meeting last week.
The club has aimed to create a leaner business and ensure that the club maximizes the amount it can spend on its playing team.
The use of private drivers and company credit cards were among the first targets, with incoming officials distrusted due to perceived overspending.
And some staff were left stunned when they were told they would have to pay for transport to the FA Cup final, in a break with tradition.
Other benefits for senior staff, such as a pre-match party, post-match lunch and hotel accommodation, were axed entirely, as was the opportunity for those employees and directors to bring their friends and family to the Wembley showpiece.