Sir Alex Ferguson sees bank balance skyrocket despite Man Utd ripping up £2.1m contract

Sir Alex Ferguson has been axed from the Manchester United payroll after Sir Jim Ratcliffe initiated a string of cost-cutting measures at the club. But the legendary manager won't be struggling for cash any time soon as the company he set up when he was manager of Aberdeen recorded a £2.7million profit last year.

Ferguson became United manager in November 1986 following a year as Scotland boss. He led the Red Devils to 13 Premier League titles, two Champions League victories and a Club World Cup win as well as five FA Cup triumphs and four League Cup successes. He stepped down as manager in 2013 and was handed a role as a global ambassador, for which he was handed £2.1m per year.

Ferguson was called into a meeting with Ratcliffe last autumn and was told he would stop receiving his salary at the end of the 2024/25 campaign.

The decision was taken as United's minority shareholder Ratcliffe attempted to balance the books following a decade of underwhelming performances on the pitch.

The matter was reportedly dealt with amicably, with Ferguson told he would still be welcome to attend games at Old Trafford as a non-executive director.

Ferguson earned a huge amount during his 26 years in charge of United. And his company, ACF Sports Promotion, now has assets worth a whopping £26.9million as per the company accounts for the period that ended on June 30, 2024.

That figure is an increase from the £24.2m of assets owned by the company 12 months prior.

The accounts highlight that £19.1m of company assets are in investments, with £2.7m in the bank as cash. The company is believed to own £2m of sports memorabilia that it lends to museums, while the remaining £3.1m is owed to the company.

Ratcliffe opted to remove Ferguson's salary despite praising the 83-year-old following a meeting between the two at the start of last year.

And discussing their first get-together in February 2024, Ratcliffe explained: "He was the first person I met when I went up there which I think was the second week of January and I had a meeting from 9am to 10am at his house and I left at 1pm.

"He never stopped. He's got a lot of experience, a lot of stories to tell and a lot of thoughts about the club. I don't think he has been encouraged to get involved but he is still very thoughtful about the club and he has an immense amount of experience.

"He really understands the values and traditions of the club and what it's all about. He's still fiercely competitive, Alex Ferguson."