INEOS, part-owner of Manchester United, has ended its multi-million-pound annual payment to former manager Sir Alex Ferguson as part of cost-cutting measures.
Following a face-to-face meeting, INEOS CEO Sir Jim Ratcliffe informed Ferguson that the club would no longer continue his payments.
Ferguson, who had served as a global ambassador and non-executive director since retiring in 2013, will remain a non-executive director and attend games, but payments will cease after this season.
INEOS has been slashing costs, including reducing 250 jobs at the club.
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