Manchester United's minority owner Sir Jim Ratcliffe offered his thoughts on Sir Alex Ferguson's role at the club earlier this year, months before ending a multi-million pound contract with the legendary manager.
The former Red Devils boss had continued received a salary from the club after becoming a global ambassador following his 2013 retirement.
In 2014, Mail Sport revealed that the legendary manager earned a staggering £2,165,000 between October 2013 and June 2014.
According to The Athletic, Ferguson will no longer receive these payments after being informed by Ratcliffe in a face-to-face meeting at Old Trafford.
The decision comes as part of a cost-cutting drive overseen by Ratcliffe and Ineos since becoming the club's minority owners earlier this year.
Sir Jim Ratcliffe, right, has reportedly axed a £2.16m contract with Sir Alex Ferguson
Ferguson had become a global ambassador for Man United following his 2013 retirement
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 February in a wide ranging interview with journalists.
The billionaire highlighted that Ferguson 'understands the values and traditions' of the club and had offered his thoughts in their early conversations.
'He was the first person I met when I went up there which I think was the second week of January and I had a meeting from 9 to 10 at his house and I left at 1,' Ratcliffe said.
'He never stopped. He’s got 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 is still very thoughtful about the club and he has an immense amount of experience.
'He really understands the values and traditions of the club and what it’s all about.
'He’s still fiercely competitive, Alex Ferguson.'
Speaking to Man United's club website, Ratcliffe added 'I mean he’s the world's [most] iconic coach, and he's just an essential part of that Manchester United history.
Ferguson was seen with Man United's new hierarchy at the club's last match at Aston Villa
The legendary boss remains a club director and is regularly seen in the stands at matches
'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.'
Ferguson had led Man United to 38 trophies, including winning 13 Premier League titles and the Champions League on two occasions.
The 82-year-old was said to have understood the decision to end the agreement as part of the cost-cutting drive, while he will remain a club director and is welcome to attend matches.
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.
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 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.
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.