Sir Alex Ferguson was informed by Sir Jim Ratcliffe that he would have to end his £2million-a-year deal with Manchester United – and the legendary ex-manager was left ‘grumpy’ by the decision
Sir Jim Ratcliffe lauded Sir Alex Ferguson for his decision to end his lucrative ambassadorial role with Manchester United but acknowledged the legendary manager was ‘grumpy’ at the decision.
Ferguson, who led United through 27 years of success, became an ambassador for the club following his retirement. However, Ferguson’s £2million-a-year deal was terminated following a face-to-face conversation as one of Ratcliffe and INEOS’ cost-cutting measures at the club.
Amid financial struggles at United, Ratcliffe hailed Ferguson’s reaction during their meeting and insisted the decision was ultimately Ferguson’s. “I take my hat off to Alex,” Ratcliffe said.
“I sat down with Alex, just the two of us in the room, and I said, ‘Look, the club isn’t where you may think it is. It is spending more than it’s earning and we’re going to finish up in some difficulties. Honestly, we can’t really afford to continue to pay you £2million a year’.
‘I’m going to leave it with you, let you have a think about it’. It was very grown up. Maybe a little bit grumpy at the beginning but he got it, and he came back three days later, after talking to his son, and said, ‘Fine, I’m going to step away from it. My decision’. I think it reflects really well on Alex, because he put the club before himself.”
Ratcliffe, who holds a 28.94 percent stake in United, dropped the shocking revelation that the club would’ve ‘run out of cash’ by the end of this year if they hadn’t implemented cost-cutting measures. These included scrapping free lunches for staff, slashing 250 job roles – with another 200 hanging in the balance – and terminating a £40,000-a-year donation to a charity supporting ex-players.
Speaking to BBC Sport, Ratcliffe, who’s been under fire following the club’s decisions, said: “I just think when you are in a period of change, it is disruptive. It does, if you will excuse the pun, take people’s eye off the ball a bit. We have got a club which was in a level of financial difficulty.
“Manchester United would have run out of cash by the end of this year – by the end of 2025 – after having me put $300m (£232.72m) in and if we buy no new players in the summer. If we hadn’t have implemented the cost programmes and restructuring that we have done over the last 12 months.
“So we have to deal with all those things, and there’s only so many things you can deal with at once. We have a new management team, we have to deal with the financial restructure, then we have to move on to the squad, data analysis, and moving forward.
“But we are in the process of change and it’s an uncomfortable period and disruptive and I do feel sympathy with the fans.”