Ferguson to step down as United ambassador as part of cost cutting

Manchester United great Alex Ferguson will step down from his lucrative role as club ambassador at the end of the season, a person with knowledge of the decision told The Associated Press on Tuesday.

The person spoke on the condition of anonymity because the move has not been publicly announced.

Ferguson will be 83 in December and the person said the ending of his ambassadorship - which had been worth millions of dollars - was “amicable” and he would “always be welcome at Old Trafford.”

Ferguson won 13 Premier League titles with United and is widely regarded as one of the best managers in the history of soccer. He is United’s most successful manager, having won 28 major trophies.

He has been a club ambassador since retiring after leading United to its last league title in 2013. In financial accounts from 2014, United said Ferguson was paid 2.16 million pounds ($2.8 million at current exchange rates) for services as a global ambassador.

His imminent departure comes at a time when the club is undergoing major change following the partial buyout by British billionaire Jim Ratcliffe in February.

United has undergone an extensive restructuring program following Ratcliffe’s investment of $1.3 billion for a 27.7% stake and implemented cost-saving initiatives that it said included staff redundancies of around 250 roles.

United reported losses of 113.2 million pounds ($148 million) in its latest accounts.

Ferguson was hired by United in 1986 at a time when the club had long-since lost its place as the pre-eminent force in English soccer.

Agencies