Alex Ferguson seeks to step back from managing his £24 million business empire

Former Manchester United manager Alex Ferguson has decided to hand over the management of his business to his sons, stepping down from his role as director of ACF Sports Promotions Ltd, which he founded.

Details. Ferguson wants to step back due to his advanced age and the understanding that the company is in the capable hands of his sons Jason, Darren, and Mark. His decision was also influenced by health issues and the passing of his beloved wife, Lady Cathy, as reported by the Mirror.

Ferguson's sons retain significant control over the company, with each holding "over 25% but no more than 50%" of the shares, according to a report for Companies House. Currently, the assets and investments of ACF Sports Promotions Ltd amount to £24.3 million, and the company holds cash reserves of £5.1 million.

• Read also: Mourinho doesn’t believe Ferguson needs an ambassador role at Man United

Reminder. Sir Alex was previously relieved of his position as global ambassador for Manchester United as part of cost-cutting measures at the club.