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Man Utd announce up to 200 fresh job cuts / Photo: © AFP/File
NYSE - LSE
Man Utd announce up to 200 fresh job cuts
Manchester United said Monday they expect to make up to 200 fresh job cuts as part of a "transformation plan" to improve the club's financial sustainability.
Around 250 employees were made redundant last year in a first wave of cost-cutting measures after INEOS chairman Jim Ratcliffe bought a stake in the Premier League club.
United have also increased ticket prices despite a backlash from supporters.
They said in a statement on Monday that the plan "aims to return the club to profitability after five consecutive years of losses since 2019".
"This will create a more solid financial platform from which the club can invest in men's and women's football success and improved infrastructure," the statement said.
"As part of these measures, the club anticipates that approximately 150 to 200 jobs may be made redundant, subject to a consultation process with employees. These would be in addition to the 250 roles removed last year."
United CEO Omar Berrada said the wide-ranging measures were being implemented to "transform and renew" the club.
"Unfortunately, this means announcing further potential redundancies and we deeply regret the impact on those affected colleagues. However, these hard choices are necessary to put the club back on a stable financial footing," he said.
"We have lost money for the past five consecutive years. This cannot continue.
"Our two main priorities as a club are delivering success on the pitch for our fans and improving our facilities. We cannot invest in these objectives if we are continuously losing money."
Accounts released by the club last week showed they paid a total of £14.5 million ($17.5 million) to get rid of manager Erik ten Hag, sporting director Dan Ashworth and other members of football staff.
Ruben Amorim was appointed as United boss in November following Ten Hag's sacking but he has been unable to reverse the decline of the team, who are 15th in the Premier League after a 2-2 draw with Everton at the weekend.
United's women's side have enjoyed more success this season, with the team second in the Women's Super League table.
Despite their financial struggles Manchester United were fourth in Deloitte's annual Football Money League of the world's richest clubs, published last month.
A. Ribeiro--JDB
