SIR ALEX FERGUSON amicably accepted the decision to axe his multi-million pound role at Manchester United.
Red Devils co-owner Sir Jim Ratcliffe has cut costs by removing the legendary boss from his lucrative ambassadorial position.
Ferguson will still act as a non-executive member of the board and be welcome at matches.
Just five months after leaving in 2013, the Scot signed a £2.16m-per-year deal to become a global ambassador and club director.
But that arrangement will cease at the end of the season as Fergie, 82, steps away from a number of time-consuming duties.
SunSport understands that it was an amicable decision between both parties.
Fergie accepted the termination of his paid role with no rancour.
Ratcliffe met with the Scot in person to tell him that cost-cutting measures will include no longer paying him his seven-figure salary.
The Ineos CEO and his team have embarked upon a root-and-branch financial review after taking a 27.7 per cent stake in the club in February.
Last month, it was revealed he is letting go of 250 employees at the club.
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United have been making losses for some time and have been forced to exercise cost saving measures across the board to strengthen their position.
The Red Devils’ latest figures take total losses over the past five years to more than £370m, according to BBC Sport.
Ineos’ cost cutting methods have also seen private chauffeurs and company credit cards axed.
Staff and the players’ Wags had to pay for their own transport to the FA Cup final win over rivals Manchester City in May.
And other perks like lunch, accommodation, extra tickets and a post-match party were scrapped.
Fergie, who turns 83 in January, regularly attends games home and away, most recently a 0-0 draw at Aston Villa on October 6.
The ex-Aberdeen boss won 38 trophies including 13 Premier League titles and two Champions Leagues during his 27 years as Man Utd manager.
MANCHESTER UNITED plan to build a new stadium rather than redevelop Old Trafford.
The decision was made after a number of fact-finding missions to other stadiums including the Bernabeu and Nou Camp.
The cost of the project is expected to be a staggering £2billion.
A capacity of 100,000 is expected.
It is felt that a club of United’s standing should have a new state-of-the-art facility.
The new stadium will be built on land adjacent to the Red Devils’ current home.
United are looking to not only build a stadium but regenerate the area of Trafford where the ground will stand.
There had been plans to KEEP Old Trafford rather than demolish it, and use it as a scaled down second venue.
However, it’s looking increasing likely that it will in fact be entirely demolished.
The club consulted with 30,000 fans about what to do and believe there is roughly a 50-50 split on staying or moving.
The club have appointed the architects Foster + Partners to come up with a “masterplan”. The company were behind Wembley Stadium.
Old Trafford has been United’s home since 1910.
The target is for completion by 2030.
