Sir Alex Ferguson retires: Manchester United manager to step down at end of season after 27 years in charge The 71-year-old will retire at the end of the season, club announces Sir Alex has won 13 Premier League titles during his United reign He will become a director and ambassador of the club after May 18 United's game with West Brom - his 1,500th in charge - will be his last Sir Alex said it was important to leave club in 'strongest possible shape' Also won five FA Cup and four League Cups for the Old Trafford club His side won the European Champions League in 1999 and 2008 David Moyes, Ryan Giggs and Jose Mourinho tipped to replace him Bookmakers take a 'bet every second' on Ferguson's successor today Manchester United manager Sir Alex Ferguson today announced that he will retire from the club at the end of the season after 27 years in charge. The 71-year-old clinched his 13th Premier League title with the club last month, but that will be his last hurrah as manager of the Old Trafford club. Speculation had been rife that the fiery Scotsman would end his long tenure at the club, but Manchester United chiefs had refused to comment. Sir Alex said in a statement that it was important to him to leave the club in the 'strongest possible shape.' Retiring: Manchester United manager Sir Alex Ferguson has announced that he will step down after 27 years in charge of the club and 13 Premier League title wins Cheerful: Ferguson in the Ibrox directors' box at the Rangers v Man United legends match this week Success: Sir Alex pops a cork after winning the Premier League title last month, left, and is seen decked out in United colours after he was unveiled as their new manager in 1986 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 organisation 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. Our training facilities are amongst the finest in global sport and our home Old Trafford is rightfully regarded as one of the leading venues in the world. Going forward, I am delighted to take on the roles of both Director and Ambassador for the club. With these activities, along with my many other interests, I am looking forward to the future. I must pay tribute to my family, their love and support has been essential. My wife Cathy has been the key figure throughout my career, providing a bedrock of both stability and encouragement. Words are not enough to express what this has meant to me. As for my players and staff, past and present, I would like to thank them all for a staggering level of professional conduct and dedication that has helped to deliver so many memorable triumphs. Without their contribution the history of this great club would not be as rich. In my early years, the backing of the board, and Sir Bobby Charlton in particular, gave me the confidence and time to build a football club, rather than just a football team. Over the past decade, the Glazer family have provided me with the platform to manage Manchester United to the best of my ability and I have been extremely fortunate to have worked with a talented and trustworthy Chief Executive in David Gill. I am truly grateful to all of them. To the fans, thank you. The support you have provided over the years has been truly humbling. It has been an honour and an enormous privilege to have had the opportunity to lead your club and I have treasured my time as manager of Manchester United. He said: 'The decision to retire is one that I have thought a great deal about and one that I have not taken lightly. Sir Alex will remain part of the set up at Old Trafford despite stepping back from on the field matters. He will take up a role as director and ambassador for the club when he retires after Manchester United's game with West Brom on May 18 - his 1,500th game in charge. He said: 'Going forward, I am delighted to take on the roles of both Director and Ambassador for the club. He paid tribute to the support of his friends, colleagues and family throughout his career, in particular his wife Cathy. He said: 'I must pay tribute to my family, their love and support has been essential. Ferguson has had a career the like of which will never be seen again. He won his 49th trophy by winning United's 20th league championship and seemed set to extend his career into next season, confirming as much in his programme notes ahead of Sunday's encounter with Chelsea. Instead, with a hip operation booked in for August, this weekend's Old Trafford encounter with Swansea, followed by a trophy presentation, will be his last home game in charge. Manchester united Chief Executive David Gill described his time working with the manager as the 'greatest experience' of his working life. Early days: Manchester United's new manager Alex Ferguson watches from the dug out as his side play Oxford United, in his first game in charge of the club. United lost 2-0 First European trophy: Sir Alex holding the European Cup Winners Cup and former manager Sir Matt Busby holding the European Cup at Old Trafford, after United won the trophy in 1991 Tribute: Sir Alex thanked his wife Cathy for her support in a statement announcing his retirement this morning Politicians including Prime Minister David Cameron and Labour leader Ed Miliband paid tribute to Sir Alex's achievements today. Mr Cameron said on Twitter: 'Sir Alex Ferguson's achievement at #MUFC has been exceptional. Sir Alex had vowed to carry on 'indefinitely' in programme notes written before Sunday's defeat against Chelsea. He arrived at the club's Carrington training ground to take training as normal this morning. But already speculation is mounting as to who could replace the most successful manager in British football history. It had been rumoured that Moyes would initially join the club as understudy to Ferguson for a season before taking over the reigns full time. Moyes remains the favourite to take over with bookmakers offering odds of 4/6 this morning. Other big names thought to be in the running include Real Madrid manager and former Chelsea favourite Jose Mourinho, who is tipped at 6/5 by bookmakers to get the job. The self-proclaimed 'special one' has been widely tipped to join Chelsea, but could be set to rethink those plans. He is likely to be available at the end of the season. Long-serving Manchester United star Ryan Giggs has also been linked with the role as well as Borussia Dortmund manager Jurgen Klopp. United's hand may have been forced in terms of making an announcement by strict New york Stock Exchange rules. With the club floated on the market, any information which significantly affects the running of the club must be announced. Hairdryer treatment: David Beckham felt the wrath of Sir Alex back in February 2003 when he was hit on the head by a stray boot kicked by the fiery Scotsman Officials at Old Trafford had put up a wall of silence before this morning's announcement, despite heavy speculation. The club were not even taking calls from journalists last night amid a frenzy of speculation over their manager's future. Similarly the club will have to announce Sir Alex's successor to the market as soon as he is appointed. Sources say that there is expected to be 'an announcement within days.' Ferguson is expected at Chester Races today for a planned day out with some of United's players. The Scotsman became famed throughout his career for his infamous 'hairdryer treatment' dished out to players and his fiery temperament. One of the most infamous examples of star players feeling Ferguson's wrath came in February 2003 when the manager kick a boot in the changing room which hit David Beckham on the forehead. Beckham wore the wounds from the incident in a very public fallout and left the club months later. Sir Alex Ferguson has been involved in some of the most exciting moments in British football history and has provided the media with some of the most memorable quotes. Here are a selection of the very best. 'I can't believe it. I can't believe it. Football. Bloody hell. After winning the Champions League final against Bayern Munich on May 26, 1999. 'It's getting tickly now - squeaky-bum time, I call it.' During the 2002/03 end-of-season title race between Arsenal and United. Sealed with a kiss: Sir Alex Ferguson toasts Manchester United's 1999 Champions League success 'They say he's an intelligent man, right? Speaks five languages. I've got a 15-year-old boy from the Ivory Coast who speaks five languages!' - On Arsenal manager Arsene Wenger, 1996. 'He could start a row in an empty house.' - On Dennis Wise. Outspoken: Sir Alex has offered the press a number of memorable quotes over the years He was certainly full of it, calling me "Boss" and "Big Man" when we had our post-match drink after the first leg. But it would help if his greetings were accompanied by a decent glass of wine. What he gave me was paint-stripper.' - On Jose Mourinho. Pain game: Ferguson infamously split David Beckham's head by kicking a boot at him in the dressing room It was a freakish incident. If I tried it 100 or a million times it couldn't happen again. If I could I would have carried on playing! Explaining how he kicked a boot in the United dressing room that hit David Beckham in the face. 'When an Italian tells me it's pasta on the plate, I check under the sauce to make sure. They are the inventors of the smokescreen. Before playing Inter Milan in the Champions League quarter-final, 1999. 'My greatest challenge is not what's happening at the moment, my greatest challenge was knocking Liverpool right off their ******* perch. And you can print that. On Alan Hansen questioning his future in 2002. But it had emerged United were preparing to make a more seismic announcement. It is unclear how United's stock market value will be affected by the announcement but Gill's announcement to step aside saw a fall. Already bookmakers seem to be predicting a slight decline in the fortunes of the club on the pitch after Sir Alex retires. Bookmakers have already lengthened odds of the club retaining its Premier League crown next season, with Manchester City now installed as firm favourites. Glory days: Sir Alex pictured with the Champions League and Premier League trophies William Hill spokesman Joe Crilly said: 'Sir Alex has been the bane of bookmakers for 27 years but his leagcy is such that whether Mourinho or Moyes, or anyone else for that matter, takes the job, they will still be considered very realistic Premier League challengers. Having said that, no one knows how to build a title winning side like Sir Alex and for that reason we have had no option but to ease the price of the Reds winning the League next season. The odds on Sir Alex claiming the BBC Sports Personality of the Year Award in December have been dramatically slashed following this morning's news. He was considered an outsider at 33/1 yesterday, but is now second favourite behind fellow Scot Andy Murray at 6/1. Betting punters have clearly been swept up in the speculation as to who should take over at Old Trafford with £50,000 staked at Ladbrokes this morning alone. One gambler laid out £1,000 that Mourinho will succeed Sir Alex as manager. A spokesman for Ladbrokes said today: We've had a bet every second and there's no sign of it slowing down any time soon.' DAVID MOYES (ODDS: 6/4): A persistent contender, who shares Ferguson's Scottish working-class roots. Moyes has plenty of admirers at Old Trafford due to the work he has done at Everton and his preference for the passing style United favour. Speculation has been intense of late that he is in his last season at Goodison Park, but has no real experience at the very highest level. Successor? Everton's manager David Moyes and Manchester United's assistant manager Mike Phelan JOSE MOURINHO (ODDS: 8/11): Many had believed it was all but a done deal that the Real Madrid boss would return to Chelsea at the end of the season. But the Portuguese, while clearly hinting he is keen to manage in England once again, has never explicitly mentioned his old club. Despite a lukewarm endorsement from United legend Sir Bobby Charlton, Mourinho is the one man guaranteed not to be overwhelmed by taking on the challenge of following Ferguson. OLE GUNNAR SOLSKJAER (ODDS: 20/1): A host of former United players have been linked with the job in the past yet all have fallen by the wayside. Legend: Ole Gunnar Solskjaer celebrating scoring the winning goal for Manchester United during the European Champions League Final against Bayern Munich in 1999 could replace Sir Alex The latest is Solskjaer, who has made a successful start to his managerial career at Molde. He lacks experience, though, and will benefit from Ferguson remaining at the club as a director. JURGEN KLOPP (ODDS: 10/1): The Borussia Dortmund boss has made a big impression during his club's impressive run to the Champions League final. With a style of football that seems tailor-made for the English football and an at-times eccentric manner in his post-match interviews, he would be an intriguing addition to the Premier League. LAURENT BLANC: Blanc had a brief stint with the Red Devils at the end of his career, so knows the club well. Caught the eye as manager of Bordeaux, where he won the French league title, then stabilised a France team that collapsed into chaos at the last World Cup before stepping down following their quarter-final loss to Spain at Euro 2012.