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£29.00Sir Jim Ratcliffe, one of the co-owners of Manchester United, is contemplating additional job cuts within the club. Sources within the organization have disclosed that due to United’s losses amounting to nearly £300m over the past three years, there is an urgency to explore further cost-saving measures. According to an insider, the current financial situation is deemed “unsustainable.”
Reports have emerged indicating that Ineos Group, chaired by Ratcliffe, is deliberating on laying off between 100 and 200 employees. The exact number of staff members to be affected, the timeline for the redundancies, and the specific departments to be impacted are yet to be finalized, with a final verdict anticipated within a fortnight. The potential closure of United’s London office in Kensington is also under consideration, although the club intends to maintain a presence in the capital for global marketing purposes.
Ineos has already implemented several cost-cutting measures, such as shedding 250 jobs, terminating Sir Alex Ferguson’s paid ambassador role, and discontinuing the policy of providing complimentary travel for staff attending finals. The rationale behind these decisions is to redirect the saved funds back into the first team, with the previous round of job cuts estimated to result in annual savings of approximately £45m. Additionally, Jackie Kay, the long-serving head of team operations at United for nearly three decades, is set to depart from the club.
Despite hindsight reflections from some Old Trafford staff members acknowledging the club’s overstretched workforce, the extent of the impending cuts has elicited surprise and backlash. Ratcliffe has already injected £300m for significant upgrades to United’s Carrington training facility and for preliminary work on a possible new stadium. The famed football club reported a net loss of £113.2m in the year up to June 2024, following losses of £28.7m in 2022-23 and £115.5m in 2021-22, culminating in total losses surpassing £370m over the past five years
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