Manchester United manager Sir Alex Ferguson is retiring at the end of the season.
Ferguson, 71, leaves the Manchester football club after managing for 26 successful years. He announced his retirement on Wednesday, according to Sports Illustrated.
"The decision to retire is one that I have thought a great deal about and one that I have not taken lightly," Ferguson said in a statement on Wednesday. "It is the right time."
Manchester won its 13th Premier League title two weeks ago. Ferguson was determined leave behind a strong football club for his successor.
"It was important to me to leave an organization in the strongest possible shape and I believe I have done so," Ferguson said. "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 setup will ensure that the long-term future of the club remains a bright one."
Ferguson originally planned to retire after the 2001-02 season. After winning the Premier League title two weeks ago, he said he still had no thoughts of retiring.
Over the weekend, however, it surfaced that Ferguson will require hip surgery. While his retirement statement did not mention health issues, Ferguson has previously said that only health problems would ever force him to retire.
The storied manager will remain with the club as a director and ambassador, which will help ease the transition for the club's next manager.
The club did not immediately announce a successor. Real Madrid manager Jose Mourinho and Everton manager David Moyes are rumored to be the early frontrunners for the job.
Ferguson has been called a "magician" for his ability to put together winning teams. He became manager for Manchester in 1986. In the span of his career since, Ferguson captured a total of 38 trophies, including 13 Premier League championships, two Champions League titles and five FA Cups.
