Manchester United co-owner Sir Jim Ratcliffe has made the controversial decision to axe 250 jobs from the non-playing staff this summer.
Back in May, the Ineos founder floated the idea of voluntary redundancy interest on the same day that he confirmed that working from home and hybrid arrangements would end on June 1. Just under two months on, Ratcliffe has now confirmed the job cuts will proceed.
United currently employs 1,112 members of staff meaning these redundancies represent a quarter of the workforce being lost. While the exact areas where the job losses shall occur is unclear, the reasoning behind it is clearer.
READ MORE: United to make 250 employees redundant
READ MORE: United redundancies LIVE
Ratcliffe and Ineos have performed a review of United in recent weeks which has been looking at ways to save costs at the football club. This review recommended the job losses which have now been sanctioned.
It is thought United, like other Premier League clubs, face challenges regarding Profit and Sustainability Rules (PSR). However, while the Reds are wary of these regulations they were not in a desperate scramble to sell players before the deadline on Sunday, June 30.
Amid these job cuts, MEN Sport has taken a look at the exact net worth of Ratcliffe. According to figures by Forbes, Ratcliffe is worth approximately £12.8bn.
Despite being born in Failsworth, the 71-year-old now resides in Monaco. He made his money through the petrochemicals giant Ineos which operates 194 sites in 29 countries.
According to the Sunday Times’ rich list for 2024, Ratcliffe is the fourth richest Brit in the world.
Fancy free takeaway delivery, exclusive discounts, free music streaming and access to some of the best sports documentaries being made? These are just a few of the perks of Amazon Prime. Usually £8.99 a month, you can now get a 30-day free trial just in time for Amazon Prime Day, which brings the sites best deals of the year exclusively to Prime members.