Manchester United have decided to end Sir Alex Ferguson’s ambassadorial contract with the club.
This means Ferguson will step back from his current ambassadorial role at the end of the season.
ESPN reports that this decision has been taken as part of a cost-cutting drive at the club, since Sir Jim Ratcliffe bought a minority stake in February.
United have also finalised the redundancies of 250 members of staff, saving around £45million in the process.
Ferguson has been a club ambassador since 2013 after he retired as manager.
It has seen the 82-year-old has earned more than £2m annually.
Sources insist Ferguson “will always be welcome at Old Trafford” as the decision was “amicable” and “suiting both parties.”
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