INEOS chief executive and British billionaire Jim Ratcliffe completed the much-awaited deal to buy a 25 per cent stake at Manchester United earlier this week. He also pledged to invest $300 million in the Premier League side in a bid to attempt to revive their fortunes.
A report published by The Guardian has now claimed that Ratcliffe is expected to ask an external auditor to monitor Manchester United’s structure and expenditure to have a major streamlining exercise, potentially resulting in putting around 300-odd jobs under threat.
The report went on to state that the INEOS executives had discussed Ratcliffe’s roadmap with Manchester United over the last couple of weeks before his purchase of 25 per cent of the club became official.
It has also been learnt that the Manchester United management has already been reminded to curb rising costs in order to ensure maximum funds for transfers, remaining within the strictures of Financial Fair Play (FFP).
The Guardian article reports that Jim Ratcliffe believes the staff can be reduced by 25-30 percent. He will reportedly come up with a blue-chip accountant to audit the English side. Ratcliffe recently wrote to the Manchester United Supporters’ Trust, asking the supporters for “time and patience” to bring the glorious days back to Old Trafford.
“I believe we can bring sporting success on the pitch to complement the undoubted commercial success that the club has enjoyed. It will require time and patience alongside rigour and the highest level of professional management,” Ratcliffe said in his open letter.
“You are ambitious for Manchester United and so are we. There are no guarantees in sport, and change can inevitably take time but we are in it for the long term and together we want to help take Manchester United back to where the club belongs, at the very top of English, European and world football. I take that responsibility very seriously,” the 71-year-old Ineos CEO added.
Manchester United’s majority owners, the Glazer family, had communicated back in November last year that they were looking for strategic options. The Glazers were heavily criticised by fans for their failure to guide the club to any considerable success since ex-manager Alex Ferguson retired in 2013.
Moreover, Manchester United have not been able to win the Premier League title since 2013. They currently occupy the sixth spot in the Premier League standings with 31 points from 19 matches. In their last fixture, Manchester United claimed a 3-2 win against third-placed Aston Villa.
Comments
0 comment