Manchester United legend Sir Alex Ferguson is scaling back his business endeavours, passing on his £24 million corporate empire to his sons as he approaches his 83rd birthday.
The move comes shortly after his departure from a club ambassador role at Manchester United, with the iconic football figure stepping down as director of ACF Sports Promotions Ltd.
This company, which has been run lucratively alongside sons Jason, Darren, and Mark — who are all maintaining their positions as “persons of significant control” — shows each son owning “more than 25% but no more than 50%” stake, recent Companies House filings indicate, reports the Mirror.
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An insider earlier this week told the publication about Ferguson’s decision: “The changes in how the company is run all point to Sir Alex starting to slow down and take a back seat in regards to his business dealings. And who can blame him as he approaches his mid-80s. The company is in rude health and in the very safe hands of his sons.”
Ineos’ decision to cut Sir Alex’s role at the club has left fans and former players furious. His £2.16m annual ambassador salary has been reduced to an honorary unpaid position.
This transition follows several profound personal occurrences for Sir Alex, including the death of his wife, Lady Cathy, in October of the previous year, and his own serious health scare in 2018 due to a brain haemorrhage that required hospital treatment.
In 2020, ACF Sports Promotions Ltd was valued at £17m. However, recent accounts reveal that the company’s investments and assets increased to £24.3m last year, up from £22.7m.
The firm also boasts cash reserves of £5.1m, a significant increase from the previous year’s £2.8m. Documents submitted to Companies House earlier in 2024 indicate that football memorabilia from Fergie’s illustrious career, displayed at both Old Trafford and the National Football Museum, are worth an impressive £1.9m.
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