Sir Alex Ferguson axed by INEOS as legendary former Man Utd boss sees ambassador contract terminated in most ruthless Sir Jim Ratcliffe call yet

Since buying a 27.7 per cent stake in United, INEOS have been on a mission to reduce the club's expenditures. Now as part of the ongoing process, INEOS chairman Sir Jim Ratcliffe has taken the ruthless decision to terminate legendary former manager Ferguson's multi-million pound contract as the club's global ambassador, according to The Athletic.

After announcing his retirement from coaching in 2013, Ferguson remained an integral part of the club as they retained his services as the global ambassador. The 82-year-old was paid £2.16 million (€2.58m/$2.84m) during his time in the role. He has also been serving as a director on the club's football board, although that position has been largely ceremonial as he has never been a part of the official board, which now includes the six Glazer siblings, INEOS co-owner John Reece and INEOS Sport’s chairman Rob Nevin, along with two independent directors Robert Leitao and John Hooks.

While Ratcliffe has taken several difficult decisions since taking charge of the club earlier this year, the removal of Ferguson is arguably the INEOS group's most ruthless decision to date. Ratcliffe informed Ferguson of his decision in person, with the Scot stepping down amicably.

Erik ten Hag's struggling United side will aim to end their five-match winless streak this weekend as they take on Brentford on Saturday in the Premier League at Old Trafford. Ferguson may be present in the stands again as the former Red Devils coach will remain a non-executive director at the club with the freedom to attend any home game he wishes to.