Sir Jim Ratcliffe ‘cancels senior Man Utd figures’ CREDIT CARDS as Ineos chief takes drastic cost-cutting measures’
MANCHESTER UNITED are reportedly cutting costs to ensure they are complying with profit and sustainability regulations (PSR).
The Red Devils are said to have cancelled credit cards of senior staff members in order to “change the culture” at the club.
GettySir Jim Ratcliffe has reportedly launched an internal review of Manchetser United’s finances[/caption]
According to ESPN, new minority owner Sir Jim Ratcliffe has instigated the cost-cutting review since his 27.7 per cent takeover was ratified last month.
The Old Trafford outfit were handed a £257,000 fine last summer by Uefa after breaching the association’s financial stability regulations.
And with an increase in Premier League PSR punishments – as seen with Everton and Nottingham Forest – United are ensuring they stay on the right side of the line.
Ratcliffe and Ineos are said to have brought in specialist financial consultants Interpath to conduct a thorough review of the club’s finances.
The review comes after the club have dropped nearly £400m on transfers since June 2022 and have seen a hit to their revenue following a group stage exit from the Champions League this season.
United are understood to be confident of complying with the Premier League‘s PSR rules, but are still keen to ensure their finances are in order.
It’s reported that heads of department have seen their credit card accounts stopped while departmental budgets are also being reviewed to explore cost cutting methods.
The review is also said to be focusing on helping the club become more “cost-focused” and “disciplined” while maximising the funds available to achieve the club’s football objectives.
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It’s believed that Interpath will not be covering player sales and transfers as part of their review.
Execs at the club have already spoken out about Financial Fair Play (FFP) concerns with chief operating officer Collette Roche wary of potential punishments when speaking back in December.
She said: “We have seen this season that Financial Fair Play rules have real teeth, so we have to be very careful to ensure we remain compliant, and we will.
“That means being really disciplined on spending going forward, with a balance between incomings and outgoings”
