Manchester United acknowledged the club’s financial situation in its latest accounts, but the cash owed by the Red Devils remains a worrying amount
Manchester United’s Debbie continues to rise under Sir Jim Ratcliffe (Image: Getty Images)
Manchester United’s debt continues to rise despite significant cost-cutting by Sir Jim Ratcliffe. Ineos’ owners bought a stake in the club two years ago and are looking to scale down the club’s operations accordingly.
The club has undergone two major job cuts and staff benefits have also been cut. Despite these cruel decisions, the club’s debt continues to rise under current ownership.
United’s total debt stands at a whopping £777m, according to the club’s latest reports. Of this, the equivalent of £295m is due to be paid within a year.
Elsewhere, the Red Devils will have to pay a further £422m in installment transfer fees for new players. Worryingly, a £238m payment is due by the end of the year.
Combined, United’s total debt is around £1.3bn. Commenting on the club’s latest results, Chief Executive Officer Omar Berada said: “We are seeing that our off-pitch transformation is having a positive financial impact in terms of both costs and profitability.”
Jim Ratcliffe forced to cut costs at Manchester United (Image: Getty Images)
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“We continue to take a football-first approach and today’s results demonstrate the strength of our business as we continue to strive for the best possible football results for our men’s and women’s teams.”
On cutting costs at the club, minority owner Ratcliffe said: “It (the abuse) can be unpleasant. And I’ve probably failed in terms of enjoying it. So I can live with it for a while. I don’t mind being unpopular, because I don’t think anyone likes to see Manchester United in the situation they’re in right now, and I know nobody likes the decisions we have to make right now.”
“I can live with a little bit of anger, but I’m no different than any other human being, and that’s not good, especially for my friends and family. So in the end, when the Glazers get to the point where they’re being abused, I’m going to have to say enough is enough and let someone else do it.”
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“They really can’t come to the game, Glazers. They’ve gone into the shadows a little bit now, so I’m getting all the bloody sticks. We agreed, and I haven’t seen them since.”
“It’s, ‘Thank you, Jim, you’re doing a really good job.'” Right now, I don’t have security, I don’t have to walk around like that. But that would kill the object, right? It would be unbearable and uninteresting at that level. ”
United currently sit fourth in the Premier League after a season that saw them sack manager Ruben Amorim. Michael Carrick was appointed as his successor in January.
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