Sir Alex Ferguson will step down as a Manchester United ambassador at the end of the season. Sir Jim Ratcliffe has overseen severe cost-cutting measures since he became a minority investor in February.
Two hundred and fifty staff have been made redundant. Ferguson, who turns 83 in December, assumed an ambassadorial role after he retired as manager in 2013.
He earned £2.165million during his first eight months as a United ambassador. The Scot attended a meeting at Old Trafford last Monday and is understood to have been informed of the decision in person.
Time-consuming responsibilities have also been cited behind the end of Ferguson's 12-year ambassadorial stint. READ MORE: United to consider releasing up to five players READ MORE: How United misjudged their left back with one decision in the transfer market Club sources have stressed the decision was entirely amicable and that Ferguson, United's most successful manager, will always be welcome at Old Trafford.
Read more on manchestereveningnews.co.uk