Manchester United minority owner, Sir Jim Ratcliffe has explained why the club terminated legendary manager, Sir Alex Ferguson’s ambassadorial deal.
Ferguson was given the role after retiring from management back in 2013.
The contract, which is worth around £2 million per year, was terminated in 2024.
This follows after Ratcliffe took charge of the Red Devils last year.
However, Ratcliffe has now revealed that Ferguson’s ambassador contract was terminated because United were spending more than it’s making.
“I sat down with Alex and said to him that the club is spending more than it’s making, that we are going to be in trouble and we can’t afford to keep paying him £2m a year.
“I gave him time to think about it and he came back three days later, after speaking to his son, and said: fine, I’m going to stand down. That’s my decision.
“I think that’s a very good reflection on Alex, because he put the club before himself,” Ratcliffe told The Telegraph.
