Sir Alex Ferguson to resign from Manchester United ambassadorial position due to INEOS budget cuts

INEOS, as part-owner, has implemented cost-cutting measures since assuming control of football operations following Sir Jim Ratcliffe's acquisition of a minority stake in the Premier League club.

It is understood that the decision was made amicably and the legendary manager will always be welcome at Old Trafford.

Ferguson, who retired as United manager in 2013, turns 83 in December and this is one of a number of time-consuming responsibilities he is said to be stepping back from.

INEOS has been putting in place cost-saving measures across the board to protect United's financial position after years of losses.

United won a record 13 Premier League titles, five FA Cups, two Champions League trophies and four League Cups in Ferguson's unprecedented 27 years as manager.

The next 11 years have been disastrous by the club's Ferguson-era standards, with five permanent managers winning just three trophies and the club never truly challenging for the Premier League title.

Ten Hag returns to Man Utd amid uncertain future

Latest from News' Melissa Reddy:

Erik ten Hag returned to Carrington on Monday to resume training as Manchester United manager, quietening the speculation around his future.

As News reported last week, the Dutchman did not feel his position was in threat during the international break and was preparing for Brentford.

Along with the players not representing their countries, he was given days off and spent it back in the Netherlands with his family.

Ten Hag had no anxiety over the executive committee meeting that took place in London last Tuesday despite the media speculation around his job as he has an open, transparent line of communication with United's football leadership group.

And as also reported by News last week, the club made no approach to Thomas Tuchel.