Jim Ratcliffe is set to implement another wave of staff redundancies at Manchester United, with 100 more employees facing job losses. This move brings the total number of staff reductions under his tenure to 350 since taking a controlling stake at Old Trafford.
The club has endured financial turmoil, accumulating losses of approximately £300 million (€360 million) over the past three years. Employees within the organization are reportedly concerned that they are bearing the brunt of financial mismanagement at the executive level.
Despite Ratcliffe’s financial injections totaling £241 million to stabilize the club’s immediate cash flow, insiders acknowledge that the long-term financial outlook remains precarious.
These latest cutbacks coincide with broader cost-saving initiatives within Ratcliffe’s petrochemical giant, Ineos. The company recently announced a cost-cutting drive following reports of legal action from New Zealand Rugby regarding an alleged breach of a lucrative sponsorship agreement.
In a broader shake-up of Ineos’ sports division, Ratcliffe has overseen significant changes, including parting ways with Ben Ainslie’s America’s Cup sailing team and restructuring leadership at the Ineos Grenadiers cycling outfit, where new sponsorship deals are being pursued.
However, turning around Manchester United’s fortunes has become Ratcliffe’s foremost sporting priority. Since acquiring a 28.94% stake in the club, he has invested a staggering £1.25 billion. The latest job cuts reflect his strategy of reallocating expertise from other Ineos sporting ventures to Old Trafford in an effort to revitalize the club.
Last summer, Ratcliffe approved the layoff of 250 employees, and with United currently struggling in 13th place in the Premier League, sources suggest operational costs remain excessive both on and off the pitch.
Employees have been briefed that all financial options are being considered, including reducing expenses and maximizing revenue streams. While no formal announcement has been made regarding the additional 100 job cuts, reports indicate a decision will be finalized imminently.
Affected staff members believe these redundancies are a consequence of costly recruitment missteps over the past year, including high-profile appointments such as Erik ten Hag and Dan Ashworth. Furthermore, last summer’s substantial £200 million transfer spending—bringing in players like Matthijs de Ligt, Joshua Zirkzee, Leny Yoro, and Manuel Ugarte—has faced scrutiny, as many of these signings have yet to justify their price tags.
Despite Ratcliffe’s influence, the Glazers remain the majority owners of Manchester United. The club’s latest financial reports reveal a net loss of £113 million for the 2023-24 season, contributing to an overall deficit of £370 million over the past five years.
