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Sir Jim Ratcliffe has inherited a financial mess at Manchester United, as the INEOS owner is set to make yet another difficult decision.
A year on from his purchase of 27.7% of United, Ratcliffe has come under massive scruitiny for several financial changes the club have made.
Cuts to the Manchester United Disabled Supporters Association, axing Sir Alex Ferguson as global ambassador and 250 redundancies are just a highlight reel of the decisions made so far.
It’s recently been reported that the redundancies are set to continue with a further 200 jobs set for the cut, bring down the 1112 members of staff that Ratcliff inherited down by 40% in a year.
To compare this high number of staff to another top English club however highlights the extent of United’s staffing, with Manchester City only having 560 employees when Ratcliffe came into post.
Now, The Guardian has reported that Ratcliffe feels his decision for further cuts is essential to avoid the club going bust.
It’s understood the INEOS owner feels he has little choice but to take hard measures, with the club experience a loss of £300 million over the last three years from poor financial management.
Insiders close to the club have revealed that without Ratcliffe’s injection of £240 million, the club would have gone bust last year, with the projections predicting the club being profitable on the back of Ratcliffe’s interventions.
This prediction suggests that despite the controversy and discomfort now, the club can be highly competitive once more in as soon as two years time.
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Source: Centred Devils
