New Delhi, Oct 15 : Manchester United new part-owners INEOS have ended a multi-million pound ambassadorial contract with Alex Ferguson as the club continued its cost-cutting programme.

Ferguson, the most successful manager in the club's history, had been retained as a global club ambassador following his exit as manager in 2013, which brought an end to a 26-year reign in which he won 38 trophies, which includes 13 Premier League titles, two Champions Leagues, five FA Cups and four League Cups and others.

According to The Athletic report, INEOS have been exhausting all avenues to reduce costs and that led them to zoom in on the club's commitment to Ferguson, who is still a regular attendee of games in the directors' box both at home and away matches.

Ferguson was told in a face-to-face meeting with Sir Jim Ratcliffe that the club were trying to reduce costs and that they were no longer in a position to continue paying him beyond this season and he will not be receiving payments from United beyond the end of the current season, the report added.

The 82-year-old, who is a huge horse racing fan, still finds the time to regularly attend United's games, including the 2024 Emirates FA Cup final win at Wembley and, most recently, United's goalless draw at Villa Park prior to the international break.

/IANS