Ineos Terminates Multi-Million-Pound Deal with Sir Alex Ferguson Amid Manchester United's Ongoing Financial Cuts

Global outlet The Athletic reported on the 15th (KST) that Manchester United's new co-owner, Ineos, has decided to end the multi-million-pound annual contract with Sir Alex Ferguson, the most successful manager in the club’s history, as part of a broader cost-cutting initiative.

Last season, Manchester United finished 8th in the Premier League but secured the FA Cup, earning a trophy for the second consecutive year. Despite rumors of his dismissal, Erik ten Hag’s contract was extended after the season ended.

In preparation for this season, Manchester United spared no expense to support Ten Hag. The club invested heavily in the transfer market, bringing in key players such as Joshua Zirkzee, Manuel Ugarte, Lenny Yoro, Matthijs de Ligt, and Noussair Mazraoui.

However, despite these investments, United's performance has been disappointing. The team suffered its first loss of the season to Brighton, was crushed 3-0 by Liverpool, and lost 3-0 again to Tottenham Hotspur in the 6th round, leaving them in 14th place after seven rounds.

Their struggles have extended to European competition as well. In the UEFA Europa League group stage, United managed only a 1-1 draw against Twente in their opening match and followed it up with another draw against Porto, leaving them winless after two games.

Despite these poor results, Manchester United chose to part ways with Sir Alex Ferguson before considering Ten Hag’s dismissal. Since stepping down as manager in 2013, Ferguson had served as a global club ambassador and board member, earning an annual salary of £2.16 million (around 3.8 billion KRW) for his role.

United has now officially terminated the ambassadorial contract that lasted more than a decade, meaning Ferguson is no longer part of the club’s formal board. The decision, made by Ineos, is part of their ongoing efforts to reduce costs.

The Athletic noted, however, that the split was amicable. "Ferguson will remain an honorary director and will still attend matches, though he will no longer receive compensation after the end of this season,” the report said.

Despite these cuts, Manchester United's financial challenges persist. The Athletic also warned that if Ten Hag were to be sacked in the coming weeks, the hefty severance package could further strain the club’s finances.

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