Manchester United's Ineos ownership is contemplating additional staff cuts at the historic football club, as sources confirm the organization is exploring cost-reduction measures following nearly £300 million in losses over the past three years.
Reports suggest that Sir Jim Ratcliffe's Ineos Group is considering between 100 and 200 redundancies, with final decisions expected within two weeks. The club has already implemented significant changes, including 250 previous staff cuts, the removal of Sir Alex Ferguson from his paid ambassador role, and the discontinuation of complimentary travel for staff attending finals.
The London office in Kensington may also face closure, though club officials maintain they will preserve a presence in the capital for global partnership operations. Jackie Kay, the long-serving head of team operations with almost 30 years of service, is set to depart from the club.
This latest round of restructuring follows Ratcliffe's December warning about "difficult and unpopular decisions" necessary for the club's future. While some staff members acknowledge the club was "bloated" in personnel terms, the extent of the cuts has sparked shock and anger among many.
Since acquiring a stake worth approximately $1.6 billion (£1.25 billion) in February 2024, Ineos has initiated substantial changes in football operations. The appointment of Dan Ashworth as sporting director, Omar Berrada as chief executive, and Jason Wilcox as technical director marked the beginning of a comprehensive restructure.
The financial challenges are evident in the club's recent performance, with reported losses of £113.2 million in the year to June 2024, following losses of £28.7 million in 2022-23 and £115.5 million in 2021-22. Total losses over the past five years exceed £370 million, despite commercial revenues growing from £81.4 million in 2010 to £302.9 million in 2024.
On the pitch, Manchester United currently sits in 13th place in the Premier League, 27 points behind leaders Liverpool and 14 points away from the top four. However, the team remains active in both the FA Cup fifth round and Europa League last 16.
Ratcliffe has already invested £300 million in improvements to United's Carrington training ground and stadium planning. A decision is pending on whether to construct a new ground, potentially costing over £2 billion, or rebuild Old Trafford at an estimated £1.5 billion.
The cost-cutting measures extend beyond Manchester United, as evidenced by Ineos's recent withdrawal from its New Zealand Rugby sponsorship agreement, citing "high energy taxes and extreme carbon taxes" affecting the European chemicals industry. The company has also ended its association with four-time Olympic champion Ben Ainslie's America's Cup sailing team, which it had supported since 2018.
