Sir Jim Ratcliffe is reportedly ready 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 shareholder has reigned ruthlessly since investing more than £1.2billion in the club last December. While his company INEOS is only owns less than 29% of total shares, Ratcliffe’s investment above market value gave him control over sporting decisions.
That influence mostly took the form of highly criticized money-saving schemes that were quickly undermined by far more costly mistakes. Hundreds of non-players lost their jobs in the same summer as the manager Erik ten Haag kept his. The Dutch coach was then sacked in September, making room for the purchase of Ruben Amorim – all for total prices in excess of £21 million.
Manchester United’s foundation is now the latest aspect of the club that Ratcliffe sees as an unnecessary expense, according to Sky News. The Premier League giants contributed around £1 million through their charity arm last year, but a “substantial element” of the club’s support to the foundation will be “removed”.
While some insiders at United Insisting the club will continue to play a “significant” charitable role, this is not the first philanthropic venture Ratcliffe is understood to have undermined.
Just a day before news broke about the foundation, it was reported that United secretly canceled payments to a charity that supports the club’s former players. Ratcliffe and the INEOS project are subsequent accused of “cowardice” by one of United’s fan groups.
Ticket prices have been raised and staff Christmas parties have been cancelled, while sporting director Dan Ashworth has been sacked – five months after completing a five-month gardening leave – it costs around £5m.
Ratcliffe defended his extremity approach earlier this month, arguing: “We have to make some tough and unpopular decisions. If you stay away from tough decisions, nothing will change.”
READ THE LATEST MAN UTD NEWS, TRANSFER RUMORS AND GOSSIP
