Breaking News: Alex Ferguson retires as Manchester United manager

Manchester United manager Alex Ferguson is retiring after more than a quarter of a century at the helm, the soccer club announced Wednesday.

The 71-year-old Scot has managed the English club -- which is listed on the New York Stock Exchange and has millions of fans around the world -- since 1986.

During more than two decades at the helm, Ferguson has won more than 30 trophies, including 13 league championships.

Ferguson will bow out after the club's last game of the season, an away fixture against West Bromwich Albion, on May 19, a statement from Manchester United said.

Before then he will have one more home game at Old Trafford Sunday, against Swansea City.

It's not clear who Manchester United will choose to step into his shoes. Ferguson will remain involved with the club as a director and ambassador, it said.

Announcing his decision to retire, Ferguson said: "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.

"It was important to me to leave an organization in the strongest possible shape and I believe I have done so.

"The quality of this league winning squad, and the balance of ages within it, bodes well for continued success at the highest level whilst the structure of the youth set-up will ensure that the long-term future of the club remains a bright one."

Ferguson, 71, will stay at the club as a director and an ambassador, but now has just two games left with the famous club.
"With these activities, along with my many other interests, I am looking forward to the future," Ferguson said.
"I must pay tribute to my family, their love and support has been essential."
Former FA chief executive Mark Palios told Sky News that Ferguson's achievements were unrivalled and said they "would never be repeated again".
David Davis, former FA executive director, said he would put him above iconic managers like Bobby Robson, Bill Shankley and Matt Busby as the "best British manager of any generation".
 The "foundations of the Premiership have shaken this morning", said Sky News Sports Correspondent Paul Kelso.
"Fergie steps aside as the greatest figure in football management - there’ll be a very long queue of managers seeking to replace him.
"I’m sure they have a succession plan in place – in fact they have talked about it in the past.," Kelso added.
"They will be looking for a man of great experience at the highest European level ... (Jose) Mourinho is about as guaranteed as you can get."