'Cost-saving programme' - Manchester United explain Sir Jim Ratcliffe cuts as £113m loss confirmed

Manchester United's net losses rose to £113.2million for the financial year and a 'cost-saving programme' is under way to put the club on a more sustainable financial footing.

United recorded a net loss of £28.7m in 2023 and it's understood the net losses have risen due in part to increased investment in the playing squad (transfers and wages).

Sir Jim Ratcliffe has attempted to streamline operations at United since investing in the club in February and that has seen plans to axe around 250 jobs across departments accelerate.

Club sources have said the new leadership team, which includes the likes of Omar Berrada (CEO), Dan Ashworth (sporting director) and Jason Wilcox (technical director), has been installed with a focus on improving efficiency and outcomes in both football and commercial areas.

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United have been streamlining their operation to 'maximise resources available for investment in football and infrastructure, and ensure that money is spent effectively'.

The changes should help United put the club on a sustainable financial footing, but net losses for this financial year increased to a similarly hefty sum that was lost in 2022.

For context, United recorded a net loss of £115.5m in 2022 and a net loss of £92.2m in 2021, and the new football structure will hope to post a net loss around the 2023 figure (£28.7m) more often.

United started to inform members of staff that they were at risk of redundancy in June and individual meetings were held with members of staff and departments.

Ratcliffe's review of the club's operations found United had