Man United has cut 322 jobs, nearly 30% of its total workforce, as part of cost-cutting measures implemented by Sir Jim Ratcliffe, according to The Daily Telegraph.

The club's 2024-25 fiscal year accounts show that employee numbers decreased from 1,127 to 805 over the two-year period ending June 30, a reduction of 28.6%.

The deepest cuts were in the media and commercial departments, which saw reductions of 45% and 44% respectively. Administrative and related positions, including the ticketing department, were cut by 161, while 60 roles were eliminated in the football department, affecting scouts and academy coaches.

Ratcliffe took over daily operations at Old Trafford and sought significant cost reductions after acquiring an influential minority stake from the Glazer family in February 2024. Man United also employed 2,614 temporary staff in the 2024-25 fiscal year, primarily for matchday assistance.Ratcliffe stated that the primary goal of the layoffs was to free up more funds for squad investment. This helped improve Man United's operating performance from a loss of nearly £70 million in 2023-24 to an operating profit of £22.6 million by June 30, 2025.

The total wage bill for the 2024-25 season was £302 million, but this figure is expected to increase this year as the club returns to the Champions League and players receive corresponding salary increases. However, Man United still reported a pre-tax loss of £47 million in the 2024-25 fiscal year, marking the seventh consecutive year of losses for the club, which continues to pay the price for its highly leveraged operations.

Foreign exchange movements on Man United's dollar-denominated borrowings led to a surge in net finance costs to £69.6 million, with £38.9 million of that attributed to loan interest. Man United's debt and outstanding transfer commitments now exceed £1.1 billion, and the club also borrowed an additional £90 million to help fund its summer transfer spending.

The 2024-25 fiscal year accounts for Man United show that, after accounting for agent fees and Premier League-related taxes, the club spent £191.7 million on new players during the summer, including Lisandro Martínez, Youri Tielemans, and Alejandro Balde.

The club made three revolving credit facility drawdowns totalling £120 million between July 29 and August 28, then repaid £30 million on September 21. As a result, £200 million of the £400 million credit facility is currently utilised.

The full filings submitted to the New York Stock Exchange on Thursday confirmed this additional £90 million borrowing, following the release of the 2024-25 fiscal year accounts for the period ending June 30 on Wednesday.

Man United's total debt now stands at £1.15 billion, comprising £578 million in historical debt following the summer refinancing of senior secured notes related to the Glazer family's leveraged buyout in 2005, £200 million outstanding from the revolving credit facility, and £375 million in outstanding transfer commitments. The transfer commitment figure represents a reduction of £72.1 million from the £447.1 million reported in the 2023-24 fiscal year accounts.

With Man United set to receive £67.9 million from player sales, the net transfer debt is £307.1 million, though £193.3 million is due within the next 12 months. Additionally, there could be up to £122.8 million in further contingent payments depending on whether previously signed players achieve specific performance targets.

Man United's EBITDA for the 2024-25 fiscal year reached a record £216.4 million, with this season's forecast between £205 million and £225 million. Under the terms of its borrowing arrangements, Man United faces unspecified penalties if its EBITDA falls below £125 million in any 12-month testing period.

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