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Sir Jim Ratcliffe is continuing his run of cost-cutting exercises at Manchester United after the news emerged of his removal of Sir Alex Ferguson from his current role.
Yesterday was a dramatic day for Ferguson, with the legendary United manager being dropped from his current role as the club’s global ambassador.
The decision was made as United will no longer be able to pay the £2.16 million annual salary that he’s been receiving since stepping away from management in 2013.
However, this wasn’t the only hit for Ferguson, with him and the other board members being now banned from the dressing rooms, a tradition which has been in place since the Sir Matt Busby days.
This cost-cutting move is the latest in a run of decisions, and it has seen 250 employees lose their jobs, with pre-season tour staff numbers being downsized to make further efficiencies.
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Now, INEOS has made yet another big controversial decision to save costs, affecting the festivities this year.
Sir Jim Ratcliffe cancels Christmas
Now, in a further move to protect the company finances, The Athletic has reported that INEOS has decided to cancel Manchester United’s Christmas party which is usually arranged in the lead-up to the festive period.
This move is the latest in a run affecting the staff remaining at the club, with their free travel perks to the FA Cup final in May having also been removed and club credit cards being taken from senior executives.
No doubt the drastic moves are being made after the eventful transfer window in the summer, which saw The Red Devils pay out £179.5 million on transfers, whilst only receiving £86.2 million for the stars they managed to sell. This £93.3 million loss on the transfer window is a massive hit for the club, especially with Erik ten Hag’s men sitting in 14th place in the league, only five points above relegation.
With the potential of a £10 penalty coming their way as well if they fail to qualify for Champions League football next year, Sir Jim Ratcliffe’s decisions, whilst drastic, could be what’s needed to avoid PSR breaches at the end of the season.
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