According to Telegraph reporting, Manchester United has laid off 322 staff members—nearly 30% of its total workforce—under cost-cutting measures implemented by Sir Jim Ratcliffe.

According to Manchester United's complete financial statements for the 2025-26 financial year, the headcount fell from 1,127 to 805 employees over the two-year period ending June 30, 2024, representing a 28.6% decline.

Domestic media and the business divisions were hit hardest, experiencing workforce reductions of 45% and 44% respectively. Administrative departments, including the legal division, saw 161 staff cuts, while the football department reduced its headcount by 60 positions, including scouts and academy coaches.

Ratcliffe took day-to-day control of Old Trafford operations after acquiring a significant minority stake from the Glazer family in February 2024, subsequently implementing widespread cost-reduction measures. Manchester United also employed 2,614 temporary staff members in the 2025-26 financial year, primarily for matchday operations.

Ratcliffe stated that the primary objective of the staff reductions was to free up funds for the club, helping to turn Manchester United's operational performance from a loss of nearly £70 million in 2024 to a profit of £22.6 million by June 30 of this year.

Although total wage costs for the previous season fell to £302 million, this figure is expected to rise this year as the club competes in the Champions League and increases player salaries. However, Manchester United reported a pre-tax loss of £47 million for the 2025-26 financial year, marking the seventh consecutive year of losses and reflecting the ongoing burden of high debt servicing costs.

Foreign exchange fluctuations on the club's dollar-denominated debt have increased total financial costs to £69.6 million, including £38.9 million in interest payments. Manchester United's debt and outstanding transfer fee obligations exceed £1.1 billion, and the club has drawn an additional £90 million to fund summer transfer spending.

According to Manchester United's complete financial statements for the 2025-26 financial year, including property taxes and Premier League-related fees, the club spent £191.7 million on new players this summer, including Andre Santos, Yury Tielemans, and Baleba.

The club drew a total of £120 million in three installments from its revolving credit facility between July 29 and August 28, and repaid £30 million on September 21. As a result, £200 million of the £400 million credit facility has been utilized.

Following the release of the 2025-26 financial statements on June 30 on Wednesday, the full filing submitted to the New York Stock Exchange on Friday confirmed the additional £90 million loan.

This means Manchester United's total debt has reached £1.15 billion. This includes £578 million in secured debt from the Glazer family's 2005 leveraged buyout, £200 million drawn under the revolving credit facility, and £375 million in outstanding transfer fee obligations.

Manchester United is set to receive £67.9 million from player sales, bringing net transfer debt to £307.1 million, of which £193.3 million must be paid within the next 12 months. Additionally, previously contracted players could trigger additional performance-based payments of up to £122.8 million by June 30 of this year, depending on whether they meet specified performance targets.

Manchester United's EBITDA for the 2025-26 financial year reached £216.4 million on a reported basis, with forecasts for this season ranging between £205 million and £225 million. Under the terms of the club's debt and revolving credit facility covenants, Manchester United faces unspecified penalties if its EBITDA falls below £125 million during a 12-month testing period.

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