Manchester United has confirmed that Sir Alex Ferguson is to retire as manager at the end of the season after 26 years at the helm at Old Trafford.
The 71-year-old has said in a statement that following his retirement as manager will be taking on the roles of both director and ambassador for the club.
Joel Glazer, joint chairman of the Manchester United board with brother Avie, pinpointed the 2008 Champions League final penalty shootout success over Chelsea as a highlight among the many memories of Ferguson's time at the club.
He said: "Alex has proven time and time again what a fantastic manager he is but he's also a wonderful person.
"His determination to succeed and dedication to the club have been truly remarkable. I will always cherish the wonderful memories he has given us, like that magical night in Moscow."
Avie Glazer added: "I am delighted to announce that Alex has agreed to stay with the club as a director.
"His contributions to Manchester United over the last 26 years have been extraordinary and, like all United fans, I want him to be a part of its future."