SIR JIM RATCLIFFE has overseen a ruthless cost-cutting campaign since buying a minority stake in Manchester United one year ago.
Ratcliffe’s Ineos completed their £1.03bn purchase on February 20, 2024, with supporters initially cautiously optimistic that fortunes would begin to improve under the self-proclaimed boyhood fan.
Alongside Ineos pal Sir Dave Brailsford, the British billionaire has since risked the wrath of supporters by making brutal cuts across the club.
Last summer, 250 staff members were made redundant, saving an estimated £35million.
While earlier this month, SunSport revealed that up to 200 more jobs could be at risk.
Earlier this season United also made the unusual move to raise ticket prices mid-campaign – with seats rising to a minimum £66 each with no concessions – sparking outrage as well as fears of further price hikes next season.
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In a recent report by the Telegraph, several more cost-cutting measures implemented by Ineos were revealed, following pre-tax losses of £313m over the last three years.
Scrutiny is now placed on all purchases made across the business – from things as mundane as sellotape and vegetables.
This “zero-based budgeting” has seen staff members forced to count cartons of screws individually, in order to ensure they were not over-ordering.
And following a sizeable stationery order, sellotape was returned after being deemed unnecessary.
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While in the canteen, it’s claimed that portion sizes have been noticeably reduced – with even vegetable orders monitored.
All payments above £25,000 are now required to receive signs-offs from ownership, while CEO Omar Berrada is said to be able to approve payments below that sum.
Among Ratcliffe’s early moves was to scrap company credit cards.
Staff are now liable to initially have to pay for expenses such as travel out of their own pockets, before later applying for reimbursement.
Club chiefs also want to implement a largely paper-less system, with sending emails rather than letters encouraged.
It’s said that envelopes to send letters are scarce, with stamps deemed expensive.
Paper is still used for certificates, however.
That’s because the former steward of the week £50 prize is said to have been replaced with a paper certificate.
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Aside from investments on the playing squad, Ratcliffe and Co have been planning for a potential £2bn new stadium with a 100,000 capacity.
Costly mistakes on the football side will need to be avoided from hereon in, with axing Dan Ashworth, for example after just five months, for example costing a staggering £4.1m in compensation.
Source: Soccer - thesun.co.uk
