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It's no longer Fergie time! Sir Alex Ferguson's Man United £2.16MILLION contract is ended as Ineos continue to cut costs with Sir Jim Ratcliffe also cancelling Christmas party

Manchester United have reportedly ended a multi-million pound agreement with their legendary manager Sir Alex Ferguson as part of a cost cutting drive.

Ferguson became a global club ambassador and club director after stepping down as manager in 2013 after a 26-year reign.

He reportedly received £2.16million-a-year 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 following a face-to-face meeting with Sir Jim Ratcliffe.