INEOS cut Sir Alex Ferguson’s multi-million-pound ambassadorial contract with Manchester United: Reports

Sir Jim Ratcliffe-led INEOS have reportedly terminated Sir Alex Ferguson's multi-million pound annual commitment contract at Manchester United. INEOS are said to be looking to cut costs and see the payments to the legendary manager as excess to requirements.

As per a report in The Athletic, Ratcliffe held face-to-face talks with Ferguson to inform him of the club's decision. The Scotsman will remain as the club's global ambassador but will no longer be a director on the club's football board.

Ratcliffe spoke about Alex Ferguson earlier this year and admitted that he held a meeting with the former manager before becoming the co-owner at Old Trafford. He said (via NYTimes):

"He was the first person I met when I went up there which I think was the second week of January and I had a meeting from 9am to 10am at his house and I left at 1pm. He never stopped. He's got a lot of experience, a lot of stories to tell and a lot of thoughts about the club. I don't think he has been encouraged to get involved but he is still very thoughtful about the club and he has an immense amount of experience. He really understands the values and traditions of the club and what it's all about. He's still fiercely competitive, Alex Ferguson."

The Atheltic have reported that several former Manchester United players are worried about their contracts as the club continue to cut costs.

Sir Alex Ferguson backed to become a short-term Manchester United manager again by Paul Gascoigne

England great Paul Gascoigne has urged Manchester United to sack Erik ten Hag and appoint Sir Alex Ferguson for a season. He believes that the legendary manager should come in to help get the players back in line, telling SportsCasting:

"It's like me as a player, I knew I was good. And it doesn't matter who I was up against, or replacing, for instance, no problem. To follow Alex Ferguson, a few of them, even Jose Mourinho didn't last long, David Moyes not for long. Looking at Ten Hag, I feel sorry for him a bit.

"I would love Alex Ferguson to take over just for one season and just see what he could do with those players because I think some of them take the p*** out of Ten Hag. You've got to give the man a bit of respect and it's such a massive club, I don't think some of the players realise who they're playing for."

Erik ten Hag is reportedly under pressure at Manchester United after a poor start to the season. The Red Devils have been linked with Thomas Tuchel and Graham Potter as their next manager.