Sir Jim Ratcliffe and INEOS have been criticised after deciding to take away Sir Alex Ferguson’s Manchester United global ambassador role.
At the start of this year, Ratcliffe purchased a 27.7% stake in the Premier League giants. As part of this deal, he has taken control of footballing matters at Old Trafford.
The British billionaire has had a hectic couple of months as his regime has moved to cut costs. Earlier this year, there were mass redundancies at Man Utd, and he recently caused a stir by taking away Ferguson’s global ambassador role.
Since retiring in 2013, Ferguson has been paid around £2m-a-year by Man Utd for this ambassador role, but it was revealed earlier this month that he is the latest casualty of INEOS’ ‘cost-cutting programme’.
A report from The Athletic revealed: ‘In a face-to-face meeting at Old Trafford, INEOS founder and CEO Sir Jim Ratcliffe told Ferguson that the club are seeking to reduce costs and are no longer prepared to sustain his payments.
‘United sources — who, like all in this piece, spoke anonymously due to the sensitivity of the subject — said that the matter has been dealt with amicably and he will remain a non-executive director at the club and be welcome to attend games.’
READ: Man Utd, Ferguson no-brainer warrants acclaim as INEOS refuse to swerve unpopular but obvious call
Following this decision, presenter Richard Keys accused Ratcliffe of “killing” Man Utd. He said: “Fergie sacked? What small minded thinking. He’s not my favourite but he’s a living legend – the best our game has ever seen.
“He should be treated with respect by Ratcliffe – not disdain. Man Utd cost cutting? Morale sapping I’d say. Ratcliffe is killing the club.”
Former Everton chairman Keith Wyness reckons INEOS have made ‘another gruesome mistake’ as they “clumsily handled” Ferguson’s exit.
“It was something like £2million a year, a deal he has had for several years now,” Wyness said in an interview for Football Insider.
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“I’m trying to make my mind up on this. If you’re going to be sacking 250 staff, stopping lunches for casual staff – why is it right to pay Sir Alex £2million?
“On the other hand, having him available for sponsor lunches and to talk to parents of kids about to sign as an ambassador is valuable. He still has great value.
“The big thing was for INEOS to say he isn’t allowed in the dressing room any more, even though he’s still a non-executive director. Overall, I think it could have been handled so much better.
“I’ve been highly critical of Ratcliffe and I’ll continue because Sir Alex could have taken a back step himself considering his age and health.
“That would have been the way to reduce his fees, but they’ve blundered in and it’s clear that it is only about saving money.
“I don’t think it’s a fitting way to bring an end to Sir Alex’s affiliation with the club. It’s been clumsily handled.”
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