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

The club's full financial accounts for the 2024-25 fiscal year show staff numbers fell from 1,127 to 805 in the two-year period to 30 June, a decline of 28.6%.

The largest cuts came in media and commercial departments, which saw reductions of 45% and 44% respectively. Administrative and related roles, including ticketing, fell by 161 positions, while the football department declined by 60 roles, including scouts and academy coaching staff.

Ratcliffe took charge of day-to-day operations at Old Trafford and sought to cut costs significantly after taking a minority stake from the Glazer family in February 2024. Manchester United also employed 2,614 temporary staff in the 2024-25 fiscal year, primarily for match-day operations.

Ratcliffe stated that the primary goal of the job cuts was to free up funds for team investment, helping turn Manchester United's near £70 million loss in 2024 into £22.6 million in operating profit by 30 June.

Last season's total wage bill fell to £302 million, though this figure is expected to rise this year as the club returns to Champions League football and players receive corresponding pay increases. However, Manchester United still reported a pre-tax loss of £47 million for the 2024-25 fiscal year, marking seven consecutive years of losses while the club continues to bear the consequences of high-debt operations.

Currency exchange movements from Manchester United's dollar-denominated borrowing pushed net finance costs to £69.6 million, of which £38.9 million was loan interest. The club's total debt and deferred transfer obligations exceed £1.1 billion, and accounts revealed the club borrowed an additional £90 million to fund summer spending.

Manchester United's full 2024-25 financial accounts show the club spent £191.7 million net of agent fees and Premier League-related taxes on new players during the summer window, including signings of Lisandro Martínez, Youri Tielemans, and Alejandro Balde.

The club drew on its revolving credit facility three times for a combined £120 million between 29 July and 28 August, then repaid £30 million on 21 September, leaving current borrowing at £200 million of the £400 million facility.

Complete documentation filed with the New York Stock Exchange on Thursday confirmed this additional £90 million borrowing, following the release of the 2024-25 financial accounts to 30 June on Wednesday.

This means Manchester United's total debt now stands at £1.15 billion, comprising £578 million in historical debt from the refinancing of senior secured bonds related to the Glazer family's hostile takeover in 2005, £200 million in outstanding revolving credit facility borrowing, and £375 million in deferred transfer fees. This £375 million represents a £72.1 million reduction from the £447.1 million in deferred transfer fees reported in the 2023-24 accounts.

With Manchester United set to receive £67.9 million from player sales, net transfer debt stands at £307.1 million, though £193.3 million must be paid within the next 12 months. As of 30 June, an additional £122.8 million may become due, depending on whether previously signed players meet specific performance targets.

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

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