Sir Ratcliffe eyes more cost-cutting at Man United amid £300m loss

Manchester United co-owner Sir Jim Ratcliffe is weighing further cost-cutting measures as the club grapples with financial losses nearing £300 million over the past three years, a situation described by insiders as “unsustainable.”

Since acquiring a 25% stake in Manchester United for £1.25 billion in February 2024, Ineos has taken control of football operations at Old Trafford and implemented significant structural changes.

This includes the appointments of Dan Ashworth as sporting director, Omar Berrada as chief executive, and Jason Wilcox as technical director.

Reports indicate that Sir Ratcliffe is considering making between 100 and 200 redundancies, though a final decision is expected within the next two weeks. Additionally, United may close its London office in Kensington, though club officials insist they will maintain a presence in the capital for commercial activities.

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Ineos has already made sweeping financial cuts, including 250 staff redundancies, ending Sir Alex Ferguson’s paid ambassador role, and scrapping free staff travel to finals—moves that reportedly saved £45 million annually.

The argument is that these savings will be reinvested into the first-team squad.
Jackie Kay, the long-serving head of team operations, who has been with United for nearly 30 years, will also be leaving the club.

In December, Ratcliffe cautioned that more “difficult and unpopular decisions” would be necessary to bring the club to the level he envisions. While some within United acknowledge the club was overstaffed, the scale of the cuts has sparked shock and frustration.

Ratcliffe has already injected £300 million into improving Carrington training facilities and assessing plans for a new stadium. A decision is still pending on whether to build a new ground (estimated £2 billion) or redevelop Old Trafford (£1.5 billion).

United’s latest financial accounts revealed a net loss of £113.2 million for the year ending June 30, 2024—following losses of £28.7 million in 2022/23 and £115.5 million in 2021/22, bringing total losses over the past five years to over £370 million.

Despite commercial revenue surging from £81.4 million in 2010 to £302.9 million in 2024, the stagnation of broadcasting income has forced United to explore new revenue models to maintain their competitive edge on the pitch.