Sir Alex Ferguson’s Manchester United ambassadorial contract ended by INEOS

Manchester United new part-owners INEOS has continued its cost-cutting programme by ending a multi-million pound annual commitment to Sir Alex Ferguson, the most successful manager in the club’s history.Following his exit as manager in 2013, bringing an end to a 26-year reign in which he won 38 trophies, Ferguson has been retained as a global club ambassador and club director and remunerated with an annual salary.The only official description of Ferguson’s services as an ambassador to the club can be seen in their 2014 accounts under the related party transactions section, where United said the Scot signed an agreement on October 17, 2013, in which he became a global ambassador and received £2.16million ($2.82m) for his services, an arrangement that continued for over a decade.Ferguson has remained a United director on the club’s football board, which has appeared to be a largely ceremonial construct for quite some time. It has previously featured Sir Bobby Charlton (before…