Man United Cut 322 Jobs as Debt Rises Above £1.1bn

Manchester United have cut 322 jobs as part of Sir Jim Ratcliffe’s sweeping cost-saving measures, with the club’s workforce shrinking by almost 29 per cent over the past two years.

According to Yahoo Sports, United’s full accounts for the 2025-26 financial year showed that employee numbers fell from 1,127 to 805 in the two years to June 30, representing a 28.6 per cent reduction. The biggest cuts were recorded in the club’s in-house media and commercial departments, where headcounts fell by 45 per cent and 44 per cent respectively.

Staff numbers in administration and related departments, including ticketing, were reduced by 161, while another 60 positions were lost among football staff, including scouting and academy coaching roles.

The reductions form part of Ratcliffe’s efforts to lower operating costs after his Ineos group took control of United’s football operations in February 2024 following the acquisition of a minority stake from the Glazer family.

United also employed 2,614 temporary workers during the 2025-26 season, primarily to provide matchday support.

Ratcliffe has said the cost-cutting programme is principally aimed at freeing up more funds for investment in the playing squad. The measures have coincided with an improvement in United’s operating performance, with the club moving from an operating loss of almost £70 million in 2024 to an operating profit of £22.6 million by June 30 this year.

The club’s wage bill fell to £302 million last season, although it is expected to rise this year following United’s return to the Champions League and salary increases linked to qualification.

Despite the improved operating performance, United recorded a pre-tax loss of £47 million for 2025-26, meaning the club has now posted losses for seven consecutive years.

Foreign exchange movements on United’s dollar-denominated borrowings also contributed to a rise in net finance costs to £69.6 million, including £38.9 million in interest payments on loans.

Debt rises above £1.1bn

United’s debt and outstanding transfer commitments have risen above £1.1 billion after the club borrowed another £90 million to help fund its summer transfer spending.

The club’s full-year accounts revealed that United spent £191.7 million on new players during the summer, including Andrey Santos, Youri Tielemans and Carlos Baleba, after agents’ fees and Premier League levies were included.

The club made three further drawdowns on its revolving credit facility between July 29 and August 28, totalling £120 million, before repaying £30 million on September 21. As a result, £200 million of the £400 million credit facility has been used.

The additional £90 million borrowing was confirmed in a full filing to the New York Stock Exchange following the release of United’s 2025-26 accounts.

United now owe £1.15 billion, comprising £578 million in historic debt following the summer refinancing of senior secured notes linked to the Glazer family’s 2005 takeover, £200 million outstanding on the revolving credit facility and £375 million in outstanding transfer fees.

The £375 million in transfer fees represents a £72.1 million reduction from the £447.1 million reported in United’s 2024-25 accounts.

With United due to receive £67.9 million in fees from players sold, net transfer debt stands at £307.1 million. However, £193.3 million of that amount is due for repayment within the next 12 months.

A further £122.8 million could become payable depending on whether players signed before June 30 meet specific performance-related targets.

United’s EBITDA, a measure of core operating profitability, reached a record £216.4 million for 2025-26 and is forecast to fall between £205 million and £225 million this season.

Under the terms of United’s borrowing and revolving credit facility arrangements, the club would face unspecified penalties if EBITDA fell below £125 million during any 12-month testing period.

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