Sir Jim Ratcliffe, the billionaire founder of Ineos, has scrapped an annual £100 Christmas bonus to administrative staff at Manchester United in favor of a smaller £40 voucher from Marks & Spencer, his latest unpopular move in a bid to turn around the football club’s finances.
Ratcliffe reduced bonuses paid out to staff after previously canceling their Christmas party, the Telegraph reported. The petrochemicals billionaire had previously laid off 250 United employees in the summer at a cost of £8.6 million.
The Telegraph reports that there was surprise that a bonus was awarded at all amid steep cost-cutting at the club, with the reduced, narrowed bonus regarded as a gesture of goodwill.
However, there are reports of disquiet among staff.
“It’s worse now,” one unnamed employee told the Mail, with another adding: ‘At least the Glazers prioritized families,” in reference to the majority owner Glazer family, who stepped away from running football operations earlier this year.
A representative for Manchester United didn’t immediately respond to a request for comment.
Ratcliffe, whose chemicals giant Ineos acquired a minority stake in Manchester United last year and took over football operations, has experienced a challenging start to his tenure and is facing increasing disquiet from fans amid a series of unpopular decisions.
The billionaire, who said he grew up supporting United, promised to return the club to its glory days. He has overhauled the club’s operations while sanctioning the sacking of former coach Erik Ten Hag and parting ways with the club’s sporting director, Dan Ashworth, just 5 months into the job.
In November, Ineos announced it would be raising the minimum price of a ticket for members to £66 for the rest of the season. Tickets previously started at £40 for adults and £25 for children.
The move resulted in fans holding demonstrations before United’s Premier League match and prompted criticism of Ratcliffe, who grew up in a working-class family within eyesight of the club’s Old Trafford stadium.
Speaking to the fanzine United We Stand, Ratcliffe admitted he had to make unpopular decisions to ensure United’s financial future.
“Manchester United has become mediocre,” Ratcliffe said. “It is supposed to be one of the best football clubs in the world.
“We have to make some difficult and unpopular decisions. If you shy away from the difficult decisions, then nothing much is going to change.”
Ratcliffe added: “There are financial issues which we need to address because we’ve inherited a financial situation that only time will solve. I know we get criticism in the press but we do need to challenge the cost of running this club, because what I want to be free for us to do is buy really good footballers, not spend so much of the money on the infrastructure.”
United made a loss of £113 million last year. The club hasn’t turned an annual profit since 2019. United has endured lower revenues after failing to qualify for the European Champions League for most of the last few seasons.
