Manchester United fans have something to cry about this season. Amidst a strong performance in the current UEFA Champions League, the Premiere football club will be losing one key component to its legendary football history: Alex Ferguson.
Ferguson has been Man U's manager for over 26 years already; however, on Wednesday, the club announced that he will be leaving the post for good by the end of the season.
The 71-year-old has managed the English club since 1986. And through his quarter of a century reign, he has brought Manchester United over 30 trophies, including 13 league championships reports CNN.
"The decision to retire is one that I have thought a great deal about and one that I have not taken lightly. It is the right time," said Ferguson, as reported by CNN. "It was important to me to leave an organization in the strongest possible shape and I believe I have done so."
In his 26-year term as manager, Ferguson has also helped transform the team from a winning football club to a 'business operation,' raking in billions of dollars in investments and revenue. It has also been listed on the New York Stock Exchange on August 2012.
According to CNN, during the 2011-2012 season, Man U's revenues zoomed up from £14.2 million to £117.6 million--equivalent to $182.4 million and the highest any Premiere League club has had. It has also been Forbes magazine's most valuable soccer team in the world for eight years, only losing this year to Real Madrid.
However, just hours after the retirement announcement of Ferguson was made, shares of the team dipped by 5%.
Alex Ferguson will be leading Manchester United for the last time on May 19, as the club battles West Bromwich Albion in an away match. Before that, he will be playing his last match as Man U manager at home on Sunday, against the Swansea City.
As to who will replace Ferguson and continue the wining legacy of the team has yet to be discussed. As for Ferguson, he will be joining Man U's board as director and club ambassador.