Summary
- Sir Alex Ferguson’s contract with Manchester United has been terminated by INEOS as part of cost-cutting measures.
- Ferguson had been receiving £2.16m annually for ambassadorial services, but this agreement has now been ended.
- Despite the end of the annual salary, Ferguson is expected to remain as a non-executive director at Manchester United.
- The decision to stop paying Ferguson was made by INEOS chiefs in an effort to reduce costs.