Sir Alex Ferguson Steps Down as Club Ambassador

Sir Alex Ferguson, Manchester United's legendary manager, will step down from his role as club ambassador at the end of the current season after receiving a multi-million pound salary since 2013. This decision comes as part of significant cost-cutting measures initiated by new co-owner Jim Ratcliffe, who acquired a 27.7% stake in the club last December. Alongside Ferguson's departure, the club has already made around 250 staff redundancies and reported a net loss of £113 million last month, with expectations to save between £40 million to £45 million in total. Despite stepping back from his ambassadorial duties, Ferguson will continue as a non-executive director and remains a respected figure at Old Trafford. The decision was amicable, communicated directly by Ratcliffe to Ferguson, and reflects the ongoing restructuring within the club. Manchester United currently sits 14th in the Premier League amidst these changes.