Sir Jim Ratcliffe recently discussed the termination of Sir Alex Ferguson's £2 million-per-year ambassadorial role at Manchester United, a decision driven by the club's financial challenges. Ratcliffe, who acquired a minority stake in the club in 2023, has implemented various cost-cutting measures to address these issues.
In an interview with The Telegraph, Ratcliffe recounted his conversation with Ferguson: "I sat down with Alex and said to him that the club is spending more than it's making, that we're going to be in trouble and we can't afford to keep paying him £2 million a year." He continued, "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." Ratcliffe praised Ferguson's response, stating it "reflects really well on Alex, because he put the club before himself."
This decision is part of broader efforts to stabilize Manchester United's finances. Ratcliffe has highlighted the urgency of these measures, noting that without intervention, the club could have faced insolvency by the end of 2025. He emphasized the necessity of making difficult choices to ensure the club's sustainability and future success.
Despite the challenges, Ratcliffe remains optimistic about Manchester United's trajectory. He has expressed confidence in the club's ability to become the most profitable in the Premier League within three years, attributing this potential turnaround to the implemented cost-saving strategies and a focus on prudent financial management.
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