Sir Jim Ratcliffe, co-owner of Manchester United, has initiated plans to cut approximately 200 jobs as part of stringent cost-saving measures to avert financial insolvency. This follows a substantial reduction of the club's non-football workforce by a quarter previously. Despite record revenue of £661.8m for the 2023/24 season, the club reported significant losses. The cost-cutting includes the termination of high-profile salaries and the elimination of employee perks. While these painful measures may restore financial stability by 2027, critics note that they may not fully address the underlying issues contributing to the club's precarious state.
Manchester United co-owner Sir Jim Ratcliffe's plan to cut around 200 more jobs comes amid concerns over the club's financial viability, aiming to avoid bankruptcy.
Despite generating a record £661.8 million revenue, Manchester United still reported a net loss over £100 million, prompting drastic cost-cutting measures.
The ruthless cost-saving measures, including job cuts and salary reductions, reflect the financial mismanagement of Manchester United and aim to restore health by 2027.
Critics argue that cutting jobs won't solve the financial issues completely, as the annual salary of a first-team player far exceeds the savings from layoffs.
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