Jose Mourinho maintains Sir Alex Ferguson has something more precious than his ambassadorial role after Ineos terminated his £2m contract as part of its cost-cutting drive.

Sir Alex has pocketed the annual sum each year since stepping down as manager in 2013, but the move by Ineos, owned by British billionaire Sir Jim Ratcliffe, has raised eyebrows.

Amicable talks were held to end the existing deal between the legendary former manager, who will retain a role as a non-executive director, and club officials, but Mourinho, who will face his former club in the Europa League on Thursday, maintains the Scot retains something more important.

“My relationship with Alex was amazing and incredible, when my Netflix documentary comes out, you'll know more about the reason why I have so much respect for him,” said Mourinho, who could have succeeded Sir Alex in 2013 before eventually taking over at Old Trafford in 2016.

“The ambassadorial role, I don't know in depth the situation, but it doesn't matter why, it doesn't matter what, Sir Alex has the most important thing of all, the love and respect of every Manchester United fan around the world.

“More important than any role, or a few pounds he doesn't need... The most important thing is the love and respect every fan has for him.”

Ferguson, who turns 83 in December, led United to 38 trophies, including 13 Premier League and two Champions League titles, before he retired from management.

United are currently in 14th place after finishing a worst-ever eighth in the Premier League last season, despite spending just over £200m on players in the close season.

They have splashed out about £600m on new players since their under-fire Dutch manager Erik ten Hag took charge ahead of the 2022-23 season.

It is not known whether the cost-cutting will affect other United ambassadors who include former players Andy Cole, Park Ji-sung, Dwight Yorke, Denis Irwin and Bryan Robson.