Sir Jim Ratcliffe is to “cut” the funding received by the Manchester United Foundation in 2025 as part of his extreme cost-cutting regime, according to a report.
The minority interest group has ruled with a ruthless scythe since investing more than £1.2bn in the club last December. While his company only INEOS owns less than 29% of global stocks, Ratcliffe’s investment above market value allowed him to control sporting decisions.
This influence has largely taken the form of much-criticized money-saving schemes that have been quickly undermined by much more expensive mistakes. Hundreds of non-playing staff lost their jobs in the same summer as the manager Erik has Hag kept his The Dutch coach was sacked in September, making way for the acquisition of Ruben Amorim, all for total cost of over £21 million.
The Manchester United Foundation is now the latest aspect of the club that Ratcliffe sees as unnecessary spending, he said. Sky News. The Premier League giants invested around £1m through their charity arm last year, but a “substantial element” of the club’s support for the foundation is to be “removed”.
While some experts in united insist the club will continue to play an “important” charitable role, this is not the first philanthropic venture Ratcliffe is believed to have undermined.
Just a day before news broke about the foundation, it was reported that United had secretly canceled payments to a charity which supports the club’s former players. Ratcliffe and the INEOS project were later accused of “cowardice” by one of United’s fan groups.
Ticket prices have risen and staff Christmas parties have been cancelled, while the sacking of sporting director Dan Ashworth – five months after completing five months of gardening leave – it costs around £5 million.
Ratcliffe defended his end focus earlier this month arguing, “We have to make some tough and unpopular decisions. If you shy away from tough decisions, nothing will change.”
