Sir Jim Ratcliffe’s cost-cutting measures have not yet had the desired affect with Manchester United’s debt soaring along with the amount they owe rival clubs in transfer fees
Manchester United owe rivals teams a staggering £413million in transfer fees, an increase of nearly £100m from the last financial year.
The Red Devils published detailed accounts earlier this week, with Sir Jim Ratcliffe facing a mounting backlash for his actions since buying a controlling stake in the club. Since arriving, Ratcliffe has spent £8.6m making 250 members of staff redunant.
He also spent more than £20m on sacking Erik ten Hag and bringing in Ruben Amorim as head coach. It was also another summer of heavy spending in the transfer market, with Joshua Zirkzee, Leny Yoro, Matthijs de Ligt, Noussair Mazraoui and Manuel Ugarte all arriving.
That summer push has had further consequences for United and their spiralling debt. That figure now stands at an enormous £714m, despite Ratcliffe’s cost-cutting drive.
Having spent more than £1billion on transfers across the last six seasons, United now owe £413m in instalments to the selling clubs. Eight players bought in recent years have cost more than £50m each, with Antony the most expensive.
While the Red Devils are due £94m from clubs for players they have sold, United are now due to pay more than £410m. That is up from a figure of £317m from last year’s accounts.
The news of the increase in fees owed comes as Ratcliffe faces a backlash from fans over the club’s decision to increase members’ ticket prices to £66 for adults, children and over-65s. The Manchester United Supporters Trust have slammed the move as ‘offensive’.
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“Suffice it to say, that the idea that the fans must pay their “fair share” for the Club’s excesses and/or mismanagement—and above all, the Glazers lack of investment over two decades—is offensive,” the trust said in a statement.
“We are absolutely in favour of running a sustainable business, but football clubs are hardly ordinary consumer businesses. Ours is clearly in ‘rebuilding mode’. If the club has a need for short term capital they should issue new shares.”
New boss Amorim has insisted he will play a sizeable role in the club’s recruitment. He said last week: “I am not saying this is the final [say] but I have a great responsibility when we chose players because this is something that should be done in this way.
“I am the manager, the head coach and I have to chose the players. I think it is all together but the final word, as you say, should be with the manager, not because it is your right but because it is your responsibility.
“In the end, they will ask you about the results and in the end that comes through me. I think that, all together, we can improve the process of recruitment and I have to understand the league, that is important and when everything aligns, everything is on the same page, we can [correctly] buy and sell players.”
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