Manchester United minority co-owner Sir Jim Ratcliffe is reportedly planning to announce more fresh funding cuts – and fans have been left furious.
The British billionaire recently increased his stake in the club from 25 per cent to 28.94 per cent, as part of a pre-existing agreement signed with the Glazers when he took minority control of the club last year.
He has invested a further £79.3 million into the club – the final part of a guarantee that he would put £238 million into infrastructure.
It was originally announced last year that INEOS would take control of footballing operations, though The Athletic reported in January that United staff had been informed that their role would have a wider scope and include some commercial decisions.
Ratcliffe has reportedly implemented a number of cost-cutting measures since his arrival, an approach that has in part mirrored how INEOS have operated in restructuring their other organisations.
Around 250 jobs have been cut since the British billionaire’s arrival, according to the Daily Mail, while he is also said to have scaled back Christmas bonuses received by staff. The i Paper reported that bonuses received by stewards have also been cut. United are yet to comment officially on these claims.
Now, Sky News’ City business editor Mark Kleinmann reports that United are set to announce that they will cut funding provided to the club’s charitable arm, the Manchester United Foundation.
The Foundation works in local communities around Manchester to educate and support marginalised and underprivileged young people using football, and also holds sessions in local schools.
It also works closely with charities to organise ‘Dream Days‘ for children with life-limiting illnesses, where they get the opportunity to meet members of the first team squad and spend a day at the Carrington training ground and Old Trafford.
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