Sir Alex Ferguson is retiring at the end of the season, ending his legendary 26-year run with Manchester United that established him as the most successful coach in British football history, according to a statement released by the manager on Wednesday, Ferguson, 71, has a resume with United that includes 13 Premier League championships, five FA Cups and four League Cups while coaching one of the most well known football clubs globally.

The Scottish-born Ferguson also enjoyed success in his home country before taking over United in 1986. With a coaching career spanning back to 1974, Ferguson won the Scottish First Division with St. Mirren in 1976-77 before winning three Scottish Premier Divisions, four Scottish Cups, one Scottish League Cup, one European Cup Winners Cup and a European Super Cup with Aberdeen.

"The decision to retire is one that I have thought a great deal about and one that I have not taken lightly," the 71-year-old Scotsman said in a statement on Wednesday. "It is the right time."

Manchester United, owned by the Tampa-based Gazer family, did not immediately announce a successor. According to ESPN, early favorites for the job include Everton's David Moyes and Real Madrid's Jose Mourinho, the former Chelsea manager who is said to be interested in returning to England.

Ferguson reversed his plan to retire at the end of the 2001-02 season. After United secured its latest Premier League title two weeks ago - extending the club's record English championships to 20 - Ferguson declared that he had no retirement thoughts.

However, the Manchester United manager has previously said only health problems would force him to walk away from his job, and it was announced over the weekend that he requires hip surgery. However, the retirement statement made by Ferguson did not mention health issues.