BREAKING: Manchester United Terminate Sir Alex Ferguson Contract—-Manchester United minbority owner INEOS led by Sir Jim Ratcliffe have terminated the club multi-million pounds ambassadorial deal with their Legendary Manager Sir Alex Ferguson.

TCN reports that Ferguson become a global club ambassador and club director after stepping down as manager in 2013 after a 26-year reign.

He reportedly received £2.16million to serve as a global ambassador for the club in an agreement which has continued for over a decade

According to the Athletic, the agreement has now been ended by the club’s minority owners Ineos.

The move comes as part of a cost-cutting driver by Sir Jim Ratcliffe since Ineos took over football operations at the Premier League giants.

The report claims Ratcliffe had told Ferguson that the club are not longer prepared to continue the payments at a face to face meeting as they seek to reduce costs.

The ending of the agreement was claimed to have been dealt with amicably, with Ferguson remaining as a non-executive director and welcome to attend matches.

Ferguson had been pictured with Man United’s hierarchy at the club’s last Premier League match before the international break against Aston Villa.

Ratcliffe was in attendance for the 0-0 draw, which came ahead of a scheduled board meeting last week.

Man United have also reportedly removed and cancelled a Christmas party for employees amid Ineos’ cost-cutting drive.

Ratcliffe and his INEOS team embarked upon a root-and-branch financial review after taking a quarter stake in the club earlier this year which.

Mail Sport revealed this led to them making around 250 redundancies.

The club have strived to create a leaner business and ensure that the club maximises the amount it can spend on its playing squad.

Usage of private chauffeurs and company credit cards were among the first areas targeted, with incoming officials staggered by a perceived overspend.

And some staff were left dismayed when they were told they would have to pay for transport to the FA Cup Final in a break from tradition.

Other perks for senior staff, such as a pre-match party, lunch after the match, and hotel accommodation, were scrapped entirely, as was the ability for those employees and directors to bring their friends and family to the Wembley showpiece.