Legendary former Manchester United manager, Alex Ferguson, is set to step down from his reported £2 million-a-year ($2.6m) global ambassador role with the club at the end of the season.

The decision is part of a broader cost-cutting initiative at United, now managed by INEOS, which gained control of the football operations after Jim Ratcliffe’s purchase of a minority stake earlier this year.

Ferguson, 82, who led the club to 13 Premier League titles and two Champions League victories during his nearly 27-year tenure, has remained a prominent figure at Old Trafford since retiring in 2013. Though he will be stepping down from his ambassador role, he will continue as a non-executive director on the club’s board.

The move follows Manchester United’s announcement of a £113.2 million ($148 million) loss for the year ending June 30, 2024, marking five consecutive years of losses. Despite this, the club remains compliant with the Premier League’s profitability and sustainability regulations.

United has also implemented other cost-saving measures, including a redundancy programme that led to the reduction of approximately 250 jobs.