Alex Ferguson will leave his estimated £2 million-per-year ($2.6 million) ambassador job with Manchester United at the end of the season as part of a cost-cutting initiative.
The 82-year-old former United manager won 13 Premier League titles and two Champions League titles among numerous other accolades during his nearly 27-year tenure at Old Trafford.
The Athletic said that the decision was reached amicably, with Ferguson stepping down as global ambassador at the end of the season.
Ferguson, who has been a regular at matches since stepping down in 2013, will continue to serve as a non-executive director on the football club’s board.
It is part of a larger cost-cutting initiative at United under INEOS, which has overseen football operations since its founder Jim Ratcliffe purchased a minority stake earlier this year.
Last month, United reported losses of £113.2 million ($148 million) for the fiscal year ended June 30, 2024, their fifth consecutive year of deficits.
However, the club stated that it complies with the Premier League’s profitability and sustainability requirements.
United implemented a number of cost-cutting initiatives, including a redundancy program that eliminated approximately 250 jobs.
They are presently 14th in the Premier League after a disappointing start to the season, with manager Erik ten Hag under severe pressure ahead of Saturday’s game against Brentford.