Manchester United’s minority shareholders INEOS have reportedly axed a multi-million pound payment to Sir Alex Ferguson as part of their continuing cost-cutting measures.

Ferguson, who is the club’s most successful manager having led the club to 13 Premier League titles, will continue as a global club ambassador and club director according to The Athletic.

Sir Alex will see his annual payment axed by new part owners INEOSGetty

Following his exit as United boss in 2013m Ferguson took up the role as ambassador signing an agreement worth £2.16million.

This arrangement continued for over a decade coupled with his duties as a director on the club’s board alongside the late Sir Bobby Charlton.

Responding to the news, fans wrote on social media: “INEOS ‘sack’ Fergie too?”

Another said: “Is this not effectively his pension ? Obviously he won’t starve but pretty disgusting he’s literally bigger than the club.”

A third wrote: “Bit of an odd move.”

Manchester United insist the decision is amicable and that Ferguson will remain a non executive director on the ceremonial ‘football board’ but his paid ambassadorial role will terminate at the end of the season.

INEOS’ cost-cutting drive has been in effect since taking office in the spring which has seen 250 jobs slashed, the removal of club credit cards and the withdrawal of free travel for staff to May’s FA Cup final.