Ineos eyes major overhaul at Manchester United with 300 jobs at risk

Lea Hogg December 27, 2023

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Ineos eyes major overhaul at Manchester United with 300 jobs at risk

Ineos executives, in discussions with Manchester United over recent weeks, have indicated a looming streamlining exercise that could potentially result in the cutting of as many as 300 jobs. This move comes in the wake of Ratcliffe’s belief that the club’s staff, numbering at least 1,000, can be effectively reduced by 25-30 percent.

Audit and sreamlining for possible shake-up

To execute this assessment, the 71-year-old billionaire plans to engage the services of a top-tier external auditor, possibly from the big four accounting firms—KPMG, Deloitte, Ernst & Young, or PwC.

Financial Fair Play and cost discipline

The streamlining initiative is not merely a cost-cutting strategy but a strategic decision made within the context of Financial Fair Play (FFP) regulations.

Ineos is advocating for financial prudence to ensure maximum funds for player acquisitions, especially considering the tightened FFP rules. Senior managers at the club have already been reminded of the imperative need for cost discipline.

While Ratcliffe’s 25 percent purchase involves injecting $300 million (￡237 million) into United, this financial injection is earmarked for infrastructure rather than reinforcing the squad led by manager Erik ten Hag, (photo above on the left with management team).

Ineos’ long-term vision

In a letter to the Manchester United Supporters’ Trust, the Fans’ Forum, and the Fans’ Advisory Board, Sir Jim Ratcliffe emphasized Ineos’ commitment to the club’s long-term success.

Highlighting the need for time, patience, and professional management, Ratcliffe expressed a dual ambition of achieving both sporting and commercial success. Despite the challenges of change and the unpredictability of sport, Ratcliffe’s vision aligns with taking Manchester United back to its pinnacle in English, European, and world football.

The stakes rose further for the club, witnessing a 3 percent surge in shares upon the confirmation of Ratcliffe’s stake, marking a 52 percent increase since the Glazer family’s exploration of strategic options in November 2022, including a potential sale of the club.

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