Cost Assessment Process Set In Motion By Jim Ratcliffe

By Real11 - Apr 3 2024 35 Views

Man Utd cancel corporate credit cards of senior figures

Manchester United have cancelled corporate credit cards of senior members at Old Trafford   as part of the cost assessment process overseen by minority owner Sir Jim Ratcliffe to help the club be in accordance with the profit and sustainability regulations (PSR), as per sources. 

United were fined £257,000 ($323,000) last summer due to breach of UEFA’s financial sustainability regulations.

Splurging during the last two summer transfer windows- the club has spent close to £381 million ($479m) on new signings since June 2022–combined with revenue drop because of United’s group stage exit from this year’s Champions League has led to specialist consultants Inerpath being integrated to review club costs and expenditure. 

As per sources United are optimistic of complying with the Premier League’s PSR norms, but club’s chief operating officer, Colette in December said: "We have to be very careful to ensure we remain compliant" before adding that implied "being really disciplined on spending going forward, with a balance between incomings and outgoings."

Ratcliffe who holds 27.7% stake in United, has instituted a complete review of costs at the ‘Theatre of Dreams’ 

A source close to the club confirmed that the review has resulted in heads of department having their credit card accounts stopped so as to bring about a change in the culture and become cost efficient and disciplined while putting emphasis on making the most of maximum possible resources and football objectives. 

As per the sources the heads of all departments are expected to meet Interpath consultants to discuss departmental budgets and look for ways to save money. 

The review began this month, and according to sources it will be ongoing for “more than a couple of weeks” with the initial phase focused on utilities, suppliers and travel expenditure. 

While sources said that player trading will not covered by Interpath as part of their responsibilities, cost savings will eventually have a straight link to the amount of money that can be invested in the squad.    

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