Midfielder Ferguson leaves United by mutual consent
Ferguson, son of previous United boss Glenn, has been sidelined since sustaining a serious knee injury earlier this year.
The midfielder had one year left on his Showgrounds contract but both parties reached an agreement to terminate that deal.
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Hide AdUnited boss Jeffrey said: “Everyone knows the situation that Matthew was in, he suffered a horrendous knee injury back in February and has worked extremely hard to get back to playing again.
“He still has a bit to go to get match fit but every plaudit must go to him for his determination to put the injury behind him.
“Matthew’s desire is to be playing regular football every week and unfortunately, with the ruling on squad sizes and age restrictions, it is difficult for us to guarantee that.
“It was mutually agreed that to part ways now would be what was best for his career at this moment, and the club agreed, at Matthew’s request, to the cancellation his contract.
“We want to thank Matthew for his time here and myself, Bryan McLoughlin, Paul McAreavey and the wider club give him our sincerest wishes for his future career,” added Jeffrey.