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

According to the club's full accounts for the 2024-25 financial year, the workforce declined by 28.6% over two years to June 30, falling from 1,127 to 805 employees.

The largest cuts were made to the 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 experienced 60 job cuts, affecting scouts and academy coaches.

Ratcliffe took day-to-day operational control of Old Trafford after acquiring a significant minority stake from the Glazer family in February 2024, and has since pursued substantial cost reductions. Manchester United also employed 2,614 temporary staff in the 2024-25 financial year, primarily for matchday operations.

Ratcliffe stated that a key aim of the job cuts was to free up more funds for investment in the playing squad. This helped improve Manchester United's operating performance from a loss of nearly £70 million in 2024 to an operating profit of £22.6 million to June 30 this year.

Total wages fell to £320 million last season, though this figure is expected to increase this year as the club returned to the Champions League and players received salary increases. However, Manchester United still reported a pre-tax loss of £47 million for the 2024-25 financial year, marking its seventh consecutive loss and demonstrating the ongoing impact of its financial challenges.

Exchange rate fluctuations on the club's dollar-denominated borrowings caused net finance costs to surge to £69.6 million, with £38.9 million attributable to interest on loans. The club's debt and unpaid transfer fees now exceed £1.15 billion, and it has been revealed that the club borrowed an additional £90 million to help fund summer transfer spending.

According to Manchester United's full accounts for the 2024-25 financial year, after accounting for agent fees and Premier League-related taxes, the club spent £191.7 million on new player acquisitions this summer, including Andriy Yarmolenko, Youri Tielemans, and Noussair Mazraoui.

The club drew a total of £120 million from its revolving credit facility in three separate tranches between July 29 and August 28, and repaid £30 million on September 21. As a result, £200 million of the £400 million credit facility is currently in use.

The additional £90 million borrowing was confirmed in full documents filed with the New York Stock Exchange on Thursday, following the release of the club's accounts for the 2024-25 financial year ending June 30 on Wednesday.

This means Manchester United's total debt has now reached £1.15 billion, which includes £578 million in existing debt following the summer refinancing of secured senior notes related to the Glazer family's hostile takeover in 2005, £200 million in unpaid revolving credit facility borrowings, and £375 million in unpaid transfer fees. This £375 million represents a £72.1 million decrease from the club's transfer debt of £447.1 million stated in the 2023-24 financial year accounts.

With expected player sale proceeds of £67.9 million, Manchester United's net transfer debt stands at £307.1 million, though £193.3 million of this must be paid within the next 12 months. Additionally, as of June 30, up to £122.8 million in additional payments may arise depending on whether previously contracted players achieve specified performance targets.

Manchester United's EBITDA (a measure of the company's core operating profitability) for the 2024-25 financial year reached a record £216.4 million and is expected to fall between £200 million and £225 million in the current season. Under the terms of its borrowing and revolving credit facility agreements, Manchester United faces unspecified penalties if EBITDA falls below £125 million during a 12-month testing period.

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