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Ferguson said: "I'm truly delighted to be inducted into the Premier League Hall of Fame. It's an honour when you receive recognition like this. However, it's not just about me as a person. It's about the job at Manchester United and the bond we had over many years, so I'm also proud for the club, the staff and my players.
"My job was to send the fans home happy. United's history and my own expectations were the things that drove me, and I then had to try and develop all my players with the same expectations and make sure we could go out and achieve them.
"I feel Arsene is a very worthy inductee as he transformed Arsenal Football Club fantastically. They became a tough team to compete with and we both wanted to win, which motivated us further.
"Through the years since retirement, we'd go for dinner together in a little restaurant he knows well in Switzerland. He is a really interesting man and I enjoy his company, but it is still my job to pick the wine!"
Wenger's 22 seasons in charge of Arsenal is a Premier League record. He won the Premier League three times and made history in 2003/04 as 'The Invincibles' became the only team to win the title while remaining unbeaten throughout the entire campaign.
Arriving as one of the first foreign managers in the Premier League in 1996, Wenger's impact was instantaneous and remarkable. He raised standards through a revolutionary football philosophy and commitment to playing attractive, attacking football, winning the title in 1997/98, his first full season with the club.