Sir Jim Ratcliffe, a minority owner of Manchester United, has clarified the reasons behind the termination of legendary manager Sir Alex Ferguson’s ambassadorial deal with the club.
Ferguson had been appointed to the role after retiring from management in 2013, with the contract being valued at around £2 million per year until it was terminated in 2024.
Ratcliffe, who assumed control of the Red Devils last year, has disclosed that the decision was made due to the club exceeding its earnings with its spending.
“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.
