Sir Alex Ferguson will step down from his ambassadorial role at Manchester United at the end of the season, a source told ESPN.
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The decision was made as part of a cost-cutting initiative at the club, launched following Sir Jim Ratcliffe's acquisition of a minority stake in February.
This comes after United completed layoffs of 250 employees to save around £45 million ($58.8 million).
Ferguson has been an ambassador for the club since 2013 after deciding to step down as manager after more than 25 years at the helm.
The role paid the legendary former boss more than £2million a year and a source has told ESPN the deal was terminated as part of “general cost-cutting measures”.
A club source told ESPN that the 82-year-old “will always be welcome at Old Trafford”, describing the decision as “amicable” and “suitable for both parties”.
Sir Alex Ferguson with technical director Jason Wilcox during Man United's final Premier League game at Villa Park. Mike Egerton/PA Images via Getty Images
However, Eric Cantona, who played a leading role in Man United's first four Premier League titles under Ferguson, described the decision as “completely scandalous”.
“Sir Alex Ferguson should be able to do whatever he wants at the club until he dies,” Cantona, who played for United between 1992 and 1997, posted on Instagram. “Such a lack of respect. It's completely scandalous. Sir Alex Ferguson will forever be my boss! And I throw them all in a big bag of shit!”
Ferguson won 13 English league titles during his time as manager between 1986 and 2013. He also won the Champions League in 1999 and 2008 as well as nine other national cup victories. He remains the last United manager to lead the club to the Premier League title.
In the eleven years since his retirement he has been a regular visitor to Old Trafford and has also held a seat on the club's ceremonial football board.
A source told ESPN that Ferguson, who turns 83 in December, will also step back from other roles, some unrelated to United, over the next year.
