Sir Jim Ratcliffe is set to sanction more Man Utd job cuts. (Image: Getty)
Manchester United are at risk of going bust as details of the club’s shocking financial health before ‘s investment emerge, according to reports. Ratcliffe is helming a series of unpopular decisions to make United profitable again after losses of over £370million across the past five years.
The Ineos kingpin recently sparked further uproar by reportedly sanctioning an additional 100 to 200 redundancies at Old Trafford.
United have already laid off 250 employees in an attempt to streamline a bloated workforce that was significantly larger than any other Premier League club.
Other budget-slashing moves include ending Sir Alex Ferguson’s £2m-a-year ambassadorial role, lowering other club legends’ ambassador salaries and stopping staff certain perks.
Employees were asked to contribute towards their own travel to the FA Cup final last May and saw their £100 Christmas bonus replaced with a £40 Marks & Spencer voucher.
Supporters have also been directly impacted, with the decision to increase all unsold ticket prices to £66 for the remainder of the season, causing mass uproar and protests.
However, Ratcliffe reportedly feels like he has little choice after inheriting a financial mess as a result of two decades of reckless ownership under the Glazer regime.
The Guardian that Ratcliffe considers further job cuts necessary to prevent the risk of United going under, highlighting the severity of the situation.
The Glazer family have left Man Utd in financial ruin. (Image: Getty)
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The report adds that United would have run out of cash had the 72-year-old tycoon not invested £240m from his own pocket last year.
His final instalment, believed to have gone towards the club’s infrastructure, in December raised his shareholding to just below 29 per cent.
Ratcliffe is said to be confident in making the club profitable and highly competitive again in two years by enacting short-term pain for long-term gain.
It’s claimed the British billionaire feels there is a lack of awareness of the club’s desperate financial health outside the walls of Old Trafford.
But he is making tough calls to realise his ambition of returning United, his boyhood club, to the summit of English and European football.
High-profile errors have intensified scrutiny over Ineos’ start in charge of football operations, such as waiting five months to hire Dan Ashworth as sporting director from United before axing him after the same period of time.
The decision to stick with in the summer before sacking the Dutchman months into the season has also raised questions about the new hierarchy. It reportedly cost over £20m to replace him with .
Yet, Ratcliffe’s ruthless approach has ultimately harvested good results in his other ventures, and he will be confident the same will apply to United in time.