INEOS have ended the multi-million pound ambassadorial contract of Sir Alex Ferguson in the latest cost-cutting measure by Manchester United's part-owners.
The legendary former Red Devils boss continued to receive a salary from the club in the years following his 2013 retirement. Prior to that, Ferguson had led United to 38 trophies in a glittering 26-year tenure at the club.
Ferguson had been retained by the club as global club ambassador and club director but a lot of those duties - and the accompanying pay packet - will seize at the end of the season, according to The Athletic.
News of the move has been met with criticism from some United fans, but the outlet claim that Ferguson received the decision amicably. The 82-year-old was informed in a face-to-face meeting with Sir Jim Ratcliffe at Old Trafford, where the decision was understood in the context of United's ongoing cost-cutting endeavour.
Ferguson is said to have been saddened at the sight of former colleagues and friends lose their jobs at Old Trafford in recent months. Earlier this year, Ratcliffe and his team embarked upon a root-and-branch financial review after taking a quarter stake in the club, which led to them making around 250 redundancies.
INEOS have ended the ambassadorial contract of Sir Alex Ferguson (right), a role he had held since his 2013 retirement
The former Manchester United boss was in attendance at Villa Park for the Red Devils' 0-0 draw at Villa Park
Ferguson spent 26 years at Old Trafford and led the side to 38 trophies, including 13 Premier League titles
Ferguson will remain as a non-executive director and be welcome to attend matches.
The Scot had been pictured with Man United's hierarchy at the club's last Premier League match before the international break against Aston Villa.
Ratcliffe was in attendance for the 0-0 draw, which came ahead of a scheduled board meeting last week.
The British billionaire had hailed Ferguson as an 'essential part of Man United's history' in February after INEOS had become minority owners.
'I mean he’s the world's [most] iconic coach, and he's just an essential part of that Manchester United history,' Ratcliffe told Man United's club website.
'I mean, he has made history for Manchester United in those 27 years he was there really. And, you know, he was the greatest manager of his generation.'
The club have strived to create a leaner business and ensure that the club maximises the amount it can spend on its playing squad.
Usage of private chauffeurs and company credit cards were among the first areas targeted, with incoming officials staggered by a perceived overspend.
Other perks for senior staff, such as a pre-match party, lunch after the match, and hotel accommodation, have been scrapped to reduce costs at Old Trafford
And some staff were left dismayed when they were told they would have to pay for transport to the FA Cup Final in a break from tradition.
Other perks for senior staff, such as a pre-match party, lunch after the match, and hotel accommodation, were scrapped entirely, as was the ability for those employees and directors to bring their friends and family to the Wembley showpiece.