According to The Daily Telegraph, Manchester United has cut 322 jobs, representing nearly 30% of its workforce, as part of cost-reduction measures implemented by Sir Jim Ratcliffe.

Manchester United's full financial accounts for the 2024-25 financial year show that headcount fell from 1,127 to 805 over two years to 30 June, a reduction of 28.6%.

The heaviest cuts came in internal media and commercial departments, with reductions of 45% and 44% respectively. Administrative and related roles, including the ticketing department, saw 161 positions eliminated, while the football department lost 60 roles, affecting scouts and academy coaches.

Ratcliffe assumed day-to-day control of Old Trafford and demanded significant cost cuts after acquiring a controlling stake from the Glazer family in February 2024. During the 2024-25 financial year, Manchester United also employed 2,614 temporary staff, primarily for match-day operations.

Ratcliffe stated that the primary goal of the job cuts was to free up funds for squad investment, which helped improve Manchester United's operating performance from a loss of nearly £70 million in 2024 to operating profit of £22.6 million by 30 June this year.

Total wage spend fell to £302 million last season, but this figure is expected to rise this year as the club returns to the Champions League and players receive salary increases. However, Manchester United still reported a pre-tax loss of £47 million for the 2024-25 financial year, marking seven consecutive years of losses for the club, which continues to bear the burden of its high-risk financial operations.

Foreign exchange movements on Manchester United's dollar-denominated borrowings increased net finance costs to £69.6 million, with £38.9 million attributable to loan interest. Manchester United's debt and outstanding transfer obligations exceeded £1.1 billion, and the club announced an additional £90 million loan to finance summer transfer spending.

Manchester United's full financial accounts for the 2024-25 financial year show that after accounting for agent fees and Premier League-related taxes, the club spent £191.7 million on new players this summer, including Lisandro Martínez, Youri Tielemans, and Moisés Caicedo.

The club drew down three additional tranches from its revolving credit facility totalling £120 million between 29 July and 28 August, before repaying £30 million on 21 September. As a result, £200 million of the £400 million credit facility is currently drawn.

The full filing submitted to the New York Stock Exchange on Thursday confirmed an additional £90 million borrowing announced after the 2024-25 financial accounts were published on Wednesday.

This brings Manchester United's total liabilities to £1.15 billion, comprising £578 million in legacy debt following summer refinancing of senior secured bonds tied to the Glazer family's hostile takeover in 2005, £200 million in outstanding revolving credit facility borrowings, and £375 million in outstanding transfer payment obligations. The £375 million represents a reduction of £72.1 million from the £447.1 million in transfer payment liabilities reported in the club's 2023-24 financial accounts.

With Manchester United due to receive £67.9 million from player sales, net transfer debt stands at £307.1 million, of which £193.3 million is payable within the next 12 months. Additionally, as of 30 June, up to £122.8 million could be payable depending on whether previously signed players meet certain performance milestones.

Manchester United's EBITDA (a measure of core operating profitability) for the 2024-25 financial year reached a record £216.4 million, with guidance for this season of £205-£225 million. Under its borrowing and revolving credit facility agreements, Manchester United faces potential penalties if EBITDA falls below £125 million in any 12-month testing period.

Переведено ИИ.

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