Manchester United has decided to stop paying Sir Alex Ferguson, the club's most successful manager, a significant annual salary for his role as a club ambassador. 

According to "The Athletic," this decision was made by the new owners, INEOS, who acquired a 27.7% stake in the club in December last year, as part of a broader initiative to reduce the club's expenses.

While there is no official record of Ferguson's current earnings from United, in the club's 2014 financial statements, the former Scottish manager was reported to have received £2.16 million (approximately $2.8 million) for his global ambassador role. This payment was previously justified by the Glazer family, who hold the majority stake in United, based on Ferguson's long-term success and the revenue his achievements helped generate for the club. They had no qualms about providing what amounted to a "pension" for Ferguson’s contributions.

Ferguson, who spent 26 years at United and secured 38 trophies during that time, retired in 2013.

The decision to "let go" of Ferguson's ambassadorial salary was reportedly made in a meeting at Old Trafford, where INEOS owner Jim Ratcliffe informed the legendary manager that the club was looking to cut costs and would no longer continue this payment.

Despite the salary cut, Ferguson will retain his role as a non-executive director and will continue to attend matches as he has done in recent years.

Since INEOS joined United at the end of last year, they have implemented various cost-saving measures, including laying off 250 employees, revoking executives' credit cards, canceling free staff travel to the FA Cup final against Manchester City last May, and scrapping the company Christmas party.